In the Long Run

question 51

Multiple Choice

In the long run,

• A)the firm's fixed costs are greater than its fixed costs in the short run.
• B)all of the firm's costs are explicit costs; there are no implicit costs of production.
• C)the firm is more profitable than it is in the short run.
• D)all of the firm's costs are variable costs.

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Definitions:

Population Change

The variation in the number of individuals in a population over time, influenced by factors such as birth rates, death rates, immigration, and emigration.

Oil Reserve

Stocks of crude oil or refined petroleum products held underground or in storage facilities controlled by countries or corporations for future use.

Profit

The financial gain realized when revenue from business activities exceeds the costs and expenses involved in operating.

Market Rate

The prevailing price or cost of goods, services, wages, or interest rates in the open market.