Theoretically,in a Long-Run Cost Function

question 11

Multiple Choice

Theoretically,in a long-run cost function:

• A) all inputs are fixed
• B) all inputs are considered variable
• C) some inputs are always fixed
• D) capital and labor are always combined in fixed proportions
• E) b and d

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Definitions:

Sill

A tabular igneous intrusion that parallels layers or other planar structures of the surrounding rock and which usually has a subhorizontal orientation.

Laccolith

A bulge-shaped igneous body that has domed and tilted overlying layers and that is observed or interpreted to have a relatively flat floor.

Felsic Magmas

Magma that is high in silica and light in color, which forms rocks such as granite and rhyolite upon cooling.

Intermediate

A term used to describe entities or phenomena that fall in the middle of a specified range or scale, often used in geological contexts to describe rocks or volcanic activities with properties between felsic and mafic.