The positively-sloped part of the long-run average total cost curve is due to which of the following?
A) Diseconomies of scale.
B) Diminishing returns.
C) The firm being able to take advantage of large-scale production techniques as it expands its output.
D) The increase in productivity that results from specialization.
A
Economics
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Which of the following is true of a second-price sealed-bid auction?
A) Bidders directly compete with each other. B) Bidders submit their bids simultaneously. C) Bidders know each other's bid. D) Bidders always bid above their willingness to pay.
Economics
Which of the following explains why monopoly is uncommon in the real world?
a. firms usually face downward-sloping demand curves. b. supply curves slope upward. c. price is usually set equal to marginal cost by firms. d. there are reasonable substitutes for most goods.
Economics