Page 19 of 31Previous PageNext PageQuestion 37 (1 point)In defining a firm's long-run average cost curve,factor prices are varied and the quantity of factors of production is heldconstant.the time period must be longer than one year.technology, factor prices, and the quantity of factors of production are all varied.factor prices are held constant and the quantity of factors of production used isvaried.factor prices are held constant and technology is assumed to change.Question 38 (3 points)Suppose a single-price monopolist knows the following information:Price Quantity TR$10MRFixed Cost TCAVC MC1200$7$5000$5$5

Answer The correct option is [C} technology, factor prices, and the number of factors of production…

Answered: ctors of production are all varied

Business

Economics

ctors of production are all varied

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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