If a firm has a downward-sloping long-run average cost curve over the entire range of market demand, it is a
a. local monopoly
b. resource monopoly
c. monopsony
d. output monopoly
e. natural monopoly
E
Economics
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In a Lorenz diagram for income, the line of equality shows
A) the most equitable income distribution. B) how unequally incomes are distributed. C) how much redistribution occurs. D) the income distribution if everyone received the same income.
Economics
In perfect competition, the long-run outcome is always maximum efficiency
Indicate whether the statement is true or false
Economics