Which of the following statements is false? A firm’s costs are usually higher in the long run than in the short run. To maximize profits, firms must minimize costs. An isocost line is a graph of every possible combination of inputs that yields the same cost of production. An input demand function is a function that describes the optimal factor input level for every possible level of output.
Which of the following statements is false? A firm’s costs are usually higher in the long run than in the short run. To maximize profits, firms must minimize costs. An isocost line is a graph of every possible combination of inputs that yields the same cost of production. An input demand function is a function that describes the optimal factor input level for every possible level of output.
Chapter11: Profit Maximization
Section: Chapter Questions
Problem 11.3P
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Which of the following statements is false?
A firm’s costs are usually higher in the long run than in the short run.
To maximize profits, firms must minimize costs.
An isocost line is a graph of every possible combination of inputs that yields the same cost of production.
An input demand function is a function that describes the optimal factor input level for every possible level of output.
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