JAMB Economics 2021 Objective — Question 14

Question 14 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2021 Objective paper, with the correct answer and a full explanation.

14. In the long run, all costs are a. Fixed b. Stable c. Variable d. Unstable

A. Fixed
B. Stable
C. VariableCorrect
D. Unstable

Explanation

In the long run there is no fixed cost because a firm can adjust all its inputs; therefore all costs become variable.

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