Economic growth is a sustained expansion of production possibilities, as measured by the increase in ________ over time

The portion of the long-run average cost curve in which economies of scale are experienced shows that as output increases, the

A) average total cost decreases. B) average total cost increases. C) marginal cost increases. D) marginal cost decreases. E) average variable cost is constant and the average fixed cost decreases.

Horizontal contracts often

a. Increase competition between substitute products b. Eliminate competition between substitute products c. Do not change the competition between substitute products d. None of the above