Multiple Choice
Related to the Economics in Practice on page 198: If firms have long-run average cost curves with a long, flat section
A) their long run supply curves are downward sloping.
B) the optimal number of firms in the industry is one.
C) larger firms have a cost advantage over smaller firms.
D) it is impossible to predict the size of the firm.
Correct Answer:
Verified
Correct Answer:
Verified
Q51: Refer to Scenario 9.8 below to answer
Q52: If total revenue exceeds the total cost
Q53: The smallest size plant size at which
Q54: Refer to the information provided in Figure
Q55: Industries in which firms _ are likely
Q57: Related to the Economics in Practice on
Q58: The short-run industry supply curve for a
Q59: Refer to the information provided in Figure
Q60: The _ supply curve(s) of a perfectly
Q61: Refer to Scenario 9.8 below to answer