Multiple Choice
What happens in a decreasing-cost industry when some firms leave and the industry's output contracts?
A) The average cost will increase.
B) The average cost will decrease.
C) The total cost will decrease.
D) The product price will decrease.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q47: When new firms enter a purely competitive
Q50: A constant-cost industry is one in which<br>A)
Q52: Resources are efficiently allocated when production occurs
Q53: When LCD televisions first came on the
Q54: Which of the following is an example
Q57: Creative destruction is least beneficial to<br>A) workers
Q58: All of the following statements apply to
Q59: Which of the following is not a
Q60: If the representative firm in a purely
Q136: Producer surplus is the difference between the