Economics · Production and Costs
The premise that 'in the long run all factors of production are variable' implies that:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Marginal cost remains constant
- 2The law of variable proportions operates
- 3Total Cost equals Total Variable Cost (TC = TVC)✓
- 4Fixed costs continue to exist
Correct answer
Total Cost equals Total Variable Cost (TC = TVC)
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