The amount of calendar time associated with the long run: is one year. Is the sa

Question

The amount of calendar time associated with the long run: is one year. Is the same for all firms. varies from firm to firm and industry to industry. is less than the amount of time associated with the intermediate period. Explicit costs: include only payments made to the owners of the factors of production. are made up of actual payment made to purchase resources. include the market value of all resources used to produce a product. none of the above. The State University raises its butition for the purpose of increasing revenue so that more faculty can be hired. The University is assuming that the demand for education is: decreasing relatively elastic. relatively inelastic. perfectly elastic. implicit costs are regarded as costs by accountants but not econom payments that a firm makers to other firms or individuals who supply resources. "Costs" associated with the use of one's own resources. costs which very proportionately with output. From an economist's points of view, costs: always reflect monetary outlays never reflect money outlays. may or may not involve the payment of money. consists only of explicit costs. Fixed costs can be described as: the cost of producing one more unit of capital such as machinery. any cost which does not change of vary with output. average cost multiplied by the firm's output. usually zero in the short run. Which of the following is most likely to be a fixed costs? utilities rent or lease payments transportantion costs wages The elasticity of demand for a product is likely to be greater: if the product is a necessity rather that a luxary. The greater the amount of time available for the purchase decision. the smaller the portion of one's income spent buying the product. the smaller the number of good substitutes available for the product. A group of firms which produce the same or similar products is: a plant. an industry. a partnership a multi-plant firm.

Explanation / Answer

7. The amount of calender time associated with the long run varies from firm to firm and industry to industry.

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