1. Which of the following statements is true? a. the cost of producing output in the short run is always strictly less than the cost of production in the long run b. the cost of producing output in the short run is always strictly greater than the cost of production in the long run c. the cost of producing output in the short run is greater than or equal to the cost of production in the long run d. the cost of producing output in the short run is less than or equal to the cost of production in the long run

1. Which of the following statements is true? a. the cost of producing output in the short run is always strictly less than the cost of production in the long run b. the cost of producing output in the short run is always strictly greater than the cost of production in the long run c. the cost of producing output in the short run is greater than or equal to the cost of production in the long run d. the cost of producing output in the short run is less than or equal to the cost of production in the long run

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 4CQQ

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