Which statement is false?

A) A firm will shut down when variable cost is greater than total revenue.
B) In the long run all costs become variable costs.
C) When the firm shuts down,output is zero.
D) None of the statements are false.

A firm's opportunity costs of production are equal to its

A) explicit costs only.
B) implicit costs only.
C) explicit costs + implicit costs.
D) explicit costs + implicit costs + total revenue.

When a partner invests noncash assets in a partnership the assets should be recorded at their

A) book value.
B) carrying value.
C) fair value.
D) original cost.