In the Long Run Which of the Following Is True

question 46

Multiple Choice

In the long run which of the following is true?

• A)Total cost = fixed cost + variable cost.
• B)The size of a firm's physical plant can be changed but the firm cannot adopt new technology.
• C)There are no fixed costs.
• D)The firm can vary its explicit costs but not its implicit costs.

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Definitions:

Rerum Novarum

An encyclical issued by Pope Leo XIII in 1891, addressing the condition of the working classes and calling for the rights of workers to form unions, fair wages, and the responsibilities of the state and citizens.

Pope Leo XIII

The head of the Catholic Church and ruler of the Vatican City from 1878 to 1903, known for addressing social issues and promoting the study of Thomism.

Right to Vote

The legal entitlement to participate in the democratic process of electing leaders and shaping legislation through the act of casting ballots.

Women

Female human beings; historically, their roles and rights have been subject to significant evolution and change across different cultures and eras.