In Defining a Firm's Long-Run Average Cost Curve

question 104

Multiple Choice

In defining a firm's long-run average cost curve,

• A)factor prices are held constant and technology is assumed to change.
• B)factor prices are held constant and the quantity of factors of production used is varied.
• C)factor prices are varied and the quantity of factors of production is held constant.
• D)technology,factor prices,and the quantity of factors of production are all varied.
• E)the time period must be longer than one year.

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Definitions:

Latham Loop

In early projection systems, a set of sprockets that looped the film stock to keep it from breaking as a result of its own inertia.

Vitascope

The Vitascope is an early film projector first demonstrated in 1895, which played an important role in the commercialization of cinema by allowing longer films to be shown to larger audiences.

Film Breakage

The physical tearing or snapping of film during projection or handling, an issue more common with older, acetate-based film stock.

70mm Film

A high-resolution film gauge, used for shooting and projecting movies, known for its superior image quality.