What is the main factor that differentiates the short-run cost function from the long-run cost function?
a. Nothing, the two functions are identical
b. The level of technology
c. Changes in government subsidies
d. The nature of the costs.
Answer: d.
What is the main factor that differentiates the short-run cost function from the long-run cost function?
a. Nothing, the two functions are identical
b. The level of technology
c. Changes in government subsidies
d. The nature of the costs.
Answer: d.