Multiple Choice
An increasing-cost industry is the result of
A) higher resource prices that occur as the industry expands.
B) a change in the industry's minimum efficient scale.
C) X-inefficiency.
D) the law of diminishing returns.
Correct Answer:
Verified
Correct Answer:
Verified
Q6: What three assumptions are used in the
Q7: Resources are efficiently allocated when production occurs
Q8: Is there a specific amount of time
Q9: Under pure competition, in the long run<br>A)neither
Q10: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8602/.jpg" alt=" The accompanying graph
Q12: The long-run supply curve for a competitive,
Q13: Long-run adjustments in purely competitive markets primarily
Q14: Because the equilibrium position of a purely
Q15: The transformative effects of competition that foster
Q16: When there is allocative efficiency in a