Consider the Following Cost Data -In the Long Run:
A)very Few Inputs Can Be Adjusted

question 10

Multiple Choice

Consider the following cost data:

$\begin{array} { | l | c | c | c | c | c | c | c | } \hline \text { Output } & 0 & 1 & 2 & 3 & 4 & 5 & 6 \\\hline \text { Total Cost (\$) } & 24 & 33 & 41 & 48 & 54 & 61 & 69 \\\hline\end{array}$
-In the long run:

• A)very few inputs can be adjusted
• B)the law of diminishing marginal returns no longer has the same importance as in the short run
• C)more variable inputs become fixed
• D)business decisions become less efficient
• E)output cannot be adjusted

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Definitions:

Opportunity Cost

The loss incurred from ignoring the subsequent best alternative in a decision-making scenario.

Constant Rate

A steady, unchanging rate of change in a mathematical or economic process.

Comparative Advantage

The skill of any individual, enterprise, or country in producing a certain good or service with a lesser opportunity cost than that of their competitors.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing an action.