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:

PKU

stands for Phenylketonuria, a genetic disorder resulting from the body's inability to process the amino acid phenylalanine, leading to its accumulation and potential brain damage.

Recessive Gene

A gene that produces its characteristic phenotype only when its allele is identical and not masked by a dominant allele in a heterozygous condition.

Double Helix

The structure of DNA, characterized by two intertwined strands forming a spiral shape, discovered by Watson and Crick.

Genotype

The genetic makeup of an organism, comprising all the alleles and genes within an individual's DNA.