Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help me choose the correct answers, thanks much. Question 15 4 pts Once a firm enters the long run, the firm no longer has fixed

help me choose the correct answers, thanks much.

image text in transcribed
Question 15 4 pts Once a firm enters the long run, the firm no longer has fixed inputs incurring fixed costs. O True O False Question 13 4 pts The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase or decrease the size of its physical plant is considered the O immediate run. QO short run. O long run. O short range. (O cannot be determined with the given information. Question 12 4 pts If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. QO True O False Question 11 4 pts Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. O True QO False

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Macroeconomics

Authors: N Gregory Mankiw

7th Edition

1285165918, 9781285165912

More Books

Students also viewed these Economics questions

Question

Mortality rate

Answered: 1 week ago

Question

Armed conflicts.

Answered: 1 week ago