Question: Over the long run, the variable cost function on a graph will appear as a series of connected curved 'humps'; yet for purposes of budgeting

Over the long run, the variable cost function on a graph will appear as a series of connected curved 'humps'; yet for purposes of budgeting in the short run, the variable cost function is 'assumed' to be linear. This assumption is called:

a. the 'relevant range' assumption

b. the 'linear budgeting' assumption

c. the 'variable costing' assumption

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