In the Long Run, a Firm Can Choose

question 60

Multiple Choice

In the long run, a firm can choose

• A)to operate at any point on only one short-run average total cost curve.
• B)to operate along any short-run average total cost curves.
• C)to operate along any short-run average variable cost curves.
• D)to operate along any point of its short-run marginal cost curves.

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Definitions:

Enculturation

The process of transmitting a group’s culture from one generation to the next.

Ethnocentrism

Belief that your cultural traditions and assumptions are superior to those of others.

Cultural Context

Aspects of the environment and/or nonverbal cues that convey information not explicitly communicated through language.

Social Class

The perception of a person’s perceived status, influence, authority, and power, based on economic, educational, and family history.