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.

---

Definitions:

Mickey Mouse Watch

A wristwatch featuring Mickey Mouse, often characterized by the iconic Disney character's arms serving as the timepiece's hands.

Pearl Necklace

A piece of jewelry consisting of pearls strung together.

Floor-Length Gown

A long dress that reaches the floor, often worn on formal occasions such as weddings or galas.

Color Tv

A television set that can display images in color, as opposed to black and white.