The long run is a period of time, or a time frame, in which        all resources are fixed.        the level of output is fixed.        the amount of all resources can be varied.        the capacity of the production plant is fixed.

Q: A change in investment spending can affect supply as well as demand.  However, supply will not be…

A: Factors affecting supply:-  1) Change in price of factors of production. 2) Technological…

Q: When average total cost is at its minimum a.marginal cost is equal to average fixed cost. b.average…

A:

Q: The total cost of producing one unit is $100 The total cost of producing two units is $150 At a…

A: It is given that, the total cost of production of 1st unit = $100. The total cost of production when…

Q: Marginal cost is the:  rate of change in total fixed cost that results from producing one more unit…

A: Marginal cost by definition is the cost incurred for producing an extra unit of the good or…

Q: The increase in total cost that results from producing one more unit of output is the marginal cost.…

A: The firm produces various goods and services which incurs cost. The firm would result in the…

Q: )A production function:                   (a) Shows the cost of producing any level of output.…

A: Economics is a social science that studies human behavior regarding their unlimited wants in terms…

Q: The long run is a period of time: that is too short to change the size of a firm's plant. that is…

A: The economy evaluates its production process or policy implication in two different brackets of time…

Q: The short run is Group of answer choices the length of time a CEO serves on a board the period in…

A: Answer to the question is as follows:

Q: Businesses wanted to reduce their cost to the minimum without compromising the product quality and…

A: Companies benefit from economies of scale when their production gets more efficient. Economies of…

Q: The amount of money that a firm pays to buy inputs (resources) is called a. fixed cost b. total cost…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: Fixed costs are best defined as costs that do not vary with output. the amount that one more unit of…

A: Fixed Cost: It is the cost that is incurred for purchasing fixed factors of production. It is…

Q: if the short run is six months, does it follow that the long run is longer than six months?

A: In economics, the fluctuation in market factors is defined differently in the short-run and…

Q: If producing more output increases average cost then         a)there are diseconomies of scale.…

A: Answer to the question is as :

Q: (9) The short run is a time period in which: (a) all resources are fixed. (b) the level of output is…

A: As you have not mentioned the exact question as per our policy I am answering first three questions.

Q: ) The short run is a time period in which: (a) all resources are fixed.…

A: In economics, we study the interaction and the decision-making of the economic agents at the…

Q: Distinguish between the short-run and long-run production decisions and illustrate their impact on…

A: Meaning of Production Function: The term production function refers to the situation under when a…

Q: A firm’s short-run marginal cost______________________________.   increases with output remain…

A: By definition, marginal cost refers to the additional amount of cost which the firm has to bear for…

Q: The production period in which at least one input is fixed in quantity is the production run. long…

A: There are two types of production periods-short-run and long-run. These two cannot be classified on…

Q: The feature that distinguishes short-run from the long-run is the *       length of time it takes to…

A: Short run and long run are period of times in production of goods which differ according to the…

Q: _________ refers to the additional cost spent to produce one more unit of the product. a. Marginal…

A: Money cost is the nominal cost and the cost that is spent by the firm in producing the commodity.…

Q: The portion of a long run average cost curve that is downward sloping is called the range of: Group…

A: The long-run average cost curve is the cost curve which helps to analyze the cost function of the…

Q: Total cost at zero level of output will be

A: # Total cost is given as the sum of total fixed costs and total variable costs. That is:- TC = TFC +…

Q: Refer to the above diagram. Diseconomies of scale?

A: Diseconomies of scale or decreasing returns to scale is the situation of increasing total cost…

Q: When a firm produces one unit, the variable cost is $3. When the firm produces two units, the…

A: The variable cost of the first unit = $3 The variable cost of the two units = $6

Q: Use economies of scale to link a firm’s size and its average costs in the long run.

A: Economies of scale refers to a situation when the average cost of production falls with higher level…

Q: Fixed costs are associated with Multiple Choice   highly adjustable inputs such as labor.   both…

A: Fixed costs are costs that does not change with increase or decrease in production/sales. They are…

Q: The short run is a time period that is A) long enough to change the size of the firm's plant. B) too…

A: Time period refers to the amount of time required for a factor to change. Time period influences the…

Q: a production function exhibits constant returns to scale, average cost will increase as output…

A: Production function, in financial matters, condition that communicates the connection between the…

Q: Write TRUE or FALSE in the space provided. 1. Diseconomies of scale are the benefits that firms gain…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: A cost that changes with the level of production is called a(n)____cost a.variable b.average total…

A: Ans. The cost is the expenditures that are incurred during the production of the goods and services.…

Q: Economies of scale are of two kinds

A: With an increase in the production of output, the firm will enjoy a cost advantage, this is known as…

Q: Variable costs are         sunk costs.        costs that change every day.        costs that change…

A: Total Cost refers to all expenses involved in producing a good or providing a service.  It has two…

Q: Diminishing returns occurs in the short run because The average product of labor will decrease after…

A: A firm faces different market situation in the short-run as well as in the long-run.

Q: At zero level of production, _______ cost is always zero

A: Whenever production starts, the firm has to incur costs such as rent of the property such as…

Q: The short run is the time frame A) during which the quantities of all resources are fixed. B) during…

A: Production takes place in the short run while all planning is done in the long run.

Q: a software production firm, average product has started falling and total output indicated…

A: A mathematical association between marginal product(MP) and average product(AP) expressing that the…

Q: Businesses wanted to reduce their cost to the minimum without compromising the product quality and…

A: Economies of scale:- Economies of scale can be explained as the cost advantages that businesses gain…

Q: An isocost line represents the combinations of w and K that cost the firm the same amount of money.…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: When the marginal cost is lesser than the average cost the firm is producing in which…

A: Costs are the expenses that firms incur in the production of goods and services.

Q: The cost that cannot be recovered if a firm goes out of business is known as __________. a. Cost of…

A: If a firm goes out of business then some of the costs can not be recovered such as Advertising…

Q: Variable costs are         sunk costs.        costs that change every day.        costs that change…

A: Costs are the expenses that a firm has to incur in the production of goods and services.

Q: The long run is defined as A) the period of time when all resources are variable. B) any time after…

A: The long run is defined as the period of time when all resources are variable. Firm can change all…

Q: Average variable cost and average total cost get closer as output increases because a) productivity…

A: ATC = AVC + AFC So, AFC = ATC - AVC (= distance between ATC and AVC curves) Also, AFC = TFC / Q As Q…

Q: Marginal cost equals None of the above are correct. total cost divided by quantity of output…

A: Marginal cost: The cost that is incurred on the production of an additional unit of output is…

Q: When production is at level zero then the value of ___________ cost is always zero.

A: Total cost = fixed cost + variable cost Fixed cost always remain constant even when output is zero.…

Q: Which of the following results when an increase in all inputs results in a more-than-proportionate…

A: Answer - a) Diseconomics of Scale -  It is the opposite of economics of scale . Diseconomics of…