Consider the Short-Run and Long-Run Cost Curves for a Firm

question 47

Multiple Choice

Consider the short-run and long-run cost curves for a firm.If factor prices decrease,

• A)the firm will move down along both its long-run and short-run average cost curves.
• B)the firm will move down along its long-run average cost curve only.
• C)both the long-run and short-run average cost curves will shift downward.
• D)there will be a downward shift in the long-run average cost curve but not in the short-run average cost curve.
• E)there will be no change in the cost curves in the long run.

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Definitions:

Core American Values

Fundamental beliefs and principles that are widely held and promoted in American society, such as liberty, democracy, equality, and individualism.

Interpret Culture

Interpret Culture involves analyzing and understanding the symbols, values, norms, and practices that characterize a particular group or society.

Consumerism

The societal trend marked by a high consumption of goods and services and an emphasis on consumer rights and interests.

Countercultures

Social groups that reject and oppose significant elements of the dominant culture, often creating their own norms and values.