A firm's long run cost is the cost of production when the firm Select one calculates its cost at least one year into the future Luses the economically ethicient quantities for its plant and its labor an vary the amount of output it produces adds together all of its short run costs
A firm's long run cost is the cost of production when the firm Select one calculates its cost at least one year into the future Luses the economically ethicient quantities for its plant and its labor an vary the amount of output it produces adds together all of its short run costs
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 8SCQ: Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are...
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![A firm's long run cost is the cost of production when the firm
Select one
calculates its cost at least one year into the future
Luses the economically ethicient quantities for its plant and its labor
an vary the amount of output it produces
adds together all of its short run costs](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3affc4f-7def-4f64-a830-df1eb35247e1%2F7eeeaf39-3bb2-4aca-a794-c04fdc679de7%2Fspynzqt_processed.png&w=3840&q=75)
Transcribed Image Text:A firm's long run cost is the cost of production when the firm
Select one
calculates its cost at least one year into the future
Luses the economically ethicient quantities for its plant and its labor
an vary the amount of output it produces
adds together all of its short run costs
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