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If Economies of Scale Are Relatively Unimportant in an Industry

Question 8

Multiple Choice

If economies of scale are relatively unimportant in an industry, the typical firm's long-run average total cost curve will reach a minimum at a level of output that is a ________ fraction of total industry sales.The industry will be ________.


A) large; competitive
B) large; an oligopoly
C) small; competitive
D) small; an oligopoly

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