Short-run total cost is the sum of

Short-run total cost is the sum of
a. short-run fixed cost, short-run variable cost, and short-run marginal costs.
b. short-run fixed cost and short-run marginal costs.
c. short-run variable cost and short-run costs.
d. short-run fixed cost and short-run variable cost.

QUESTION 2

For a constant-returns-to-scale production function,
a. marginal costs are constant but the average cost curve has a U-shape.
b. both average and marginal costs are constant.
c. marginal cost has a U-shape; average costs are constant.
d. both average and marginal cost curves are U-shaped.

QUESTION 3

The shape of a firm's long-run average cost curve is determined by
a. the degree to which each input encounters diminishing marginal productivity.
b. the underlying nature of the firm's production function when all inputs are able to be varied.
c. how much the firm decides to produce.
d. the way in which the firm's expansion path reacts to changes in the rental rate on capital.

QUESTION 4

In the long run
a. all inputs are fixed.
b. all inputs are variable.
c. some inputs are fixed.
d. production levels never change.

QUESTION 5

In the short run,
a. all inputs are fixed.
b. all inputs are variable.
c. some inputs are fixed.
d. no production occurs.

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Short-run total cost is the sum of

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