Over All Levels of Output, If a Firm's Long-Run Average

Multiple Choice

Over all levels of output, if a firm's long-run average cost curve declines as output increases, then

A) small firms and large firms will have identical average costs.
B) there should be a large number of firms in the industry.
C) small firms would have lower average costs of production than large firms.
D) there should be only one firm in the industry.