Asked by Steven Camarena on Jul 13, 2024
Verified
In the long run,all costs are:
A) fixed.
B) constant.
C) variable.
D) marginal.
Long Run
A term in economics referring to a period wherein all inputs can be adjusted, including those that are typically fixed in the short run.
Variable Costs
Charges that adjust directly in response to the quantity of production or output.
- Distinguish between the short run and long run in the context of production costs.
Verified Answer
AW
Alethia WhitfieldJul 19, 2024
Final Answer :
C
Explanation :
In the long run, all costs become variable as firms have the flexibility to adjust their production inputs and make changes to their operations. Therefore, the correct choice is C.
Learning Objectives
- Distinguish between the short run and long run in the context of production costs.