The following graph shows isoquants for the technologically effident bundles of labor and capital for producing 100 and 150 units of output (labeled 9 = 100 and q = 150, respectively). Suppose the firm is initially using the cost-minimizing bundle of labor and capital for producing 100 units output, represented by point A. Assume that the expansion path is a straight line in this case. Use the grey line (star symbol) to show the expansion path for this firm on the graph. 50 45 Expansion Path 40 35 30 25 20 15 + 10 - 150 5 + 100 IH II IL 1 U 10 20 30 0 0 70 80 90 100 40 50 60 LABOR Suppose that the firm wants to compare the short-run costs and long-run costs associated with producing 100 units with the costs associated with other levels of production. Assume that the firm is currently committed to 10 units of capital. Complete the following table by entering the total amount the firm would have to spend on capital and labor at each level of production in both the short run and the long run if the wage rate (W) is $10 and rental rate of capital (T) is $20. Quantity Short-Run Costs (Dollars) (Capital is Long-Run Costs (Dollars) (Capital is Produced 0 100 150 The following graph is intended to help you answer the question that follows. First, use the orange points (square symbols) to plot the total long-run costs when producing 0, 100, and 150 units of output. Then, use the blue () , , . points (circle symbols) to plot the total short-run costs associated with producing O, 100, and 150 units of output. Note: Select and drag the curve from the palette to the graph. To move a point on the curve, select and drag to the desired position. You will not be . a , graded on your placement of any objects on the graph. ? 1000 Long-run Costs 800 8 600 Short-run Costs 400 200 0 0 50 200 250 100 150 QUANTITY (Units) True or False: According to this graph, the firm's long-run costs are never higher than its short-run costs. O True O False