At the minimum efficient scale
A) all possible economies of scale have not been exhausted.
B) marginal cost is at its minimum.
C) the firm has achieved the lowest possible average cost of production.
D) any increases in the scale of operation will encounter further economies of scale.
C
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Fiat money: a. has value because people accept it
b. has a high intrinsic value. c. is backed by commodity reserves. d. is money because of its metallic content. e. is frequently clipped.
Which of the following statements regarding concentration ratios is most accurate?
A) Concentration ratios always provide an accurate account of the extent of competition in an industry. B) Due to their shortcomings, concentration ratios provide no useable information as to the extent of competition in an industry. C) Due to their shortcomings, concentration ratios generally do not provide any legitimate idea of the extent of competition in an industry. D) Despite their shortcomings, concentration ratios can provide a general idea of the extent of competition in an industry.