22 20 18 16- 14 12 10 8- 6- 4- 2 2 4 6 8 10 12 14 16 18 20 22 24 Labor 35 17 Reference: Ref 7-12 W (Figure 7.10) Suppose the firm is currently producing at point Z and wants to reduce its output to Q1. Which of the following statements is TRUE? Selected Answer: Answers: A. In the long run, the firm will move to point A, where total costs of production are lower than at point C. A. In the long run, the firm will move to point A, where total costs of production are lower than at point C. B. In the short run, the firm will move to point A, where total costs of production are lower than at point C. C. The firm will move along its long-run expansion path from point Z to point A. D. In the short run, the firm will move to point A, where total costs of production are higher than at point C.

22 20 18 16- 14 12 10 8- 6- 4- 2 2 4 6 8 10 12 14 16 18 20 22 24 Labor 35 17 Reference: Ref 7-12 W (Figure 7.10) Suppose the firm is currently producing at point Z and wants to reduce its output to Q1. Which of the following statements is TRUE? Selected Answer: Answers: A. In the long run, the firm will move to point A, where total costs of production are lower than at point C. A. In the long run, the firm will move to point A, where total costs of production are lower than at point C. B. In the short run, the firm will move to point A, where total costs of production are lower than at point C. C. The firm will move along its long-run expansion path from point Z to point A. D. In the short run, the firm will move to point A, where total costs of production are higher than at point C.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 3P

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please answer. do not use excel. thank you.
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