Which of the Following Statements Is False

question 87

Multiple Choice

Which of the following statements is false?

• A)An explicit cost is a nonmonetary opportunity cost.
• B)In the short run: total cost = fixed cost + variable cost.
• C)Variable costs are costs that change as output changes.
• D)In the long run there are no fixed costs.

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Definitions:

Geographic Distribution

The natural arrangement and location of various forms of life and how they are spread out across the earth.

Metropolitan Area

A region consisting of a densely populated urban core city and its less-populated surrounding territories, sharing industry, infrastructure, and housing.

Resource Suppliers

are entities or individuals that provide the inputs needed for production processes, including raw materials, labor, and capital.

Herfindahl Index

A measure of the concentration of industries, calculated by summing the squares of the market shares of each firm within the industry.