In the context of business decision-making, which of the following statements is true about the long run?

If an entrepreneur leaves a job with a \$60,000 salary to start a business, what is the implicit cost associated with this decision?

In a factory with 4 machines, the first worker produces 100 units, the second 150, and the third 120. What concept explains the decrease in additional units produced by the third worker?

If adding a third worker increases total output from 100 to 150 units and total cost from \$500 to \$600, what is the marginal cost of the additional output?

If hiring an additional worker increases total output from 50 to 80 units and total cost from \$200 to \$280, what is the marginal cost of the additional output?

What happens to average fixed cost as output increases?

Why does the gap between average total cost and average variable cost decrease as output increases?

What happens to the average fixed cost as production increases?

What causes the U-shaped nature of the average total cost curve?

What is the primary characteristic of fixed costs in the short run?

A firm is operating at a high-cost short run average total cost curve. What long-run decision can it make to reduce costs?

What role does coordination play in achieving economies of scale?

If a factory can produce 1000 units using either 10 workers and 5 machines or 5 workers and 10 machines, what does this illustrate?

What is an isocost line?

What does an isocost curve represent in microeconomics?