Multiple Choice
Adam Smith observed that the division of labour is limited by the size of the market.Which one of the following statements is not consistent with this observation?
A) A limited-sized market can prevent firms from achieving economic capacity.
B) A limited-sized market can prevent firms from achieving their minimum efficient scale.
C) A limited-sized market can prevent firms from achieving minimum short-run average cost.
D) A limited-sized market can prevent firms from achieving minimum long-run average cost.
E) A limited-sized market can prevent firms from achieving excess capacity.
Correct Answer:
Verified
Correct Answer:
Verified
Q7: The figure below illustrates a series of
Q8: Which of the following statements is correct
Q9: What is the likely cause of a
Q10: What does the term "minimum efficient scale"
Q11: The table below contains short run average
Q13: The fact that a one-minute television commercial
Q14: Suppose that a firm's total cost of
Q15: All of the following statements except one
Q16: In the graph below six short-run average
Q17: Which of the following would illustrate diseconomies