A firm’s long-run average total cost curve is typically ______ than its short-run average total cost curves.
a. equal to or lower than
b. equal to or higher
c. higher by a fixed amount
d. lower by a fixed amount
a. equal to or lower than
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A key idea of the new growth theory is that
A) technology is not an important determinant of economic growth. B) economic growth is not as important as leisure time growth. C) the greater the rewards for technological advances, the greater the number of technological advances. D) the rewards associated with technological advances have little to do with the actual rate of invention or innovation.
During periods of inflation:
a. everyone's real income rises. b. those people who have fixed incomes benefit. c. those people whose nominal income rises faster than the general price level benefit. d. those people who enter long-term wage agreements benefit. e. those people who hold a lot of cash benefit.