A distinguishing characteristic of the long run period is that: (A) all costs are fixed costs (B) all costs are variable costs (C) fixed costs tend to be greater than variable costs. (D) fixed cost tend to be less than variable costs

UoH 2013 Question 20: Costs of production

A distinguishing characteristic of the long run period is that:

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Costs of production has come up 83 times in 7 exams since 2006.

This question is on Long-run cost, economies and diseconomies of scale, part of Costs of production in Microeconomics.

The long-run average cost curve as an envelope, its U-shape and the minimum efficient scale.

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