Economies of scale means that
A) the average fixed cost curve slopes downward over its entire range.
B) the four-firm concentration ratio is below 80.
C) the long-run average total cost curve slopes downward over it entire range.
D) the long-run total cost curve slopes downward over it entire range.
C
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Does Mr. McConaughey's marginal utility from spending time with family and friends and from breaking a sweat obey the principle of diminishing marginal utility?
A) No, neither obeys the principle of diminishing marginal utility. B) Only breaking a sweat obeys the principle of diminishing marginal utility. C) Yes, they both obey the principle of diminishing marginal utility. D) Only spending time with friends and family obeys the principle of diminishing marginal utility.
Monopoly profit cushions the losses that may arise from a failed technological change
Indicate whether the statement is true or false