A firm might quote its short-run costs as the costs of producing different output levels over a period of a month

A firm might quote its long-run costs as the costs of producing different output levels over a period of an hour

A firm might quote both its short-run costs and its long-run costs as the costs of producing different output levels over a period of a week

Short-run costs are always lower than long-run costs

It might set its daily output at a higher level in the short run than in the long run

It might set its daily output at a lower level in the short run than in the long run

If it had a daily output of zero in the short run, it would be sure to have a total cost of zero

If it had a daily output of zero in the long run, it would be sure to have a total cost of zero

Its price is fixed

The quantity of it that a firm can use in the long run is fixed

The quantity of it that a firm can use in the short run is fixed

The quantity of output that the firm can produce with it is fixed

Average fixed cost

Average variable cost

Short-run average cost

Short-run marginal cost

The AFC at each output equals the gap between the SAC and AVC curves at that output

The SMC curve lies above the MVC curve

The MVC curve intersects the lowest point on the AVC curve

The SMC curve intersects the lowest point on the SAC curve