Answered: 29. Vanable costs: aDo not exist in the…

29. Vanable costs: aDo not exist in the long run. b. Are the only costs that exist in the long run. C. Do not exist in the short run. d. Are the only costs that exist in the short 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 5QR

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Concept explainers

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.

Question

29. Vanable costs:
aDo not exist in the long run.
b. Are the only costs that exist in the long run.
C. Do not exist in the short run.
d. Are the only costs that exist in the short run.

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