All of the Following Statements Except One Are Correct

question 15

Multiple Choice

All of the following statements except one are correct.Which is the exception?

• A)Firms always operate in the short run.
• B)The law of diminishing returns applies in both the short run and the long run.
• C)All inputs are variable in the long run.
• D)As output increases,long run average cost could decline,remain constant or increase.
• E)The long run can be described as a planning horizon.

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Definitions:

Government Owns

A situation where assets, enterprises, or other resources are owned and controlled by the government rather than by private individuals or organizations.