When many sellers are involved in selling their products in a market, the market structure may be which of the following? i. perfect competition ii. monopolistic competition iii. monopoly

Cost minimization suggests that two inputs should be employed to the point where

A) the marginal cost of each input is identical. B) the marginal revenue product of each input is identical. C) the marginal physical product per dollar spent on each input is identical. D) the extra contribution to physical output of the inputs is identical.

Suppose that a firm's long-run average total costs of producing small commuter jet airplanes increases as it produces between 2,000 and 4,000 airplanes. For this range of output, the firm is experiencing

a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. specialization.