The above table shows Sue's total utility from golf and tennis. If the price of each hour of golf is twice the price of each hour of tennis, and Sue plays four hours of tennis, then Sue plays

If economies of scale are relatively unimportant in an industry, the typical firm's long-run average total cost curve will reach a minimum at a level of output that is a ________ fraction of total industry sales. The industry will be ________

A) large; competitive B) small; an oligopoly C) large; an oligopoly D) small; competitive

If a competitive price-taking firm is operating in long-run equilibrium and market demand suddenly falls, the short-run result will be

a. greater economic profit. b. a normal profit. c. lower average total cost. d. lower average variable cost. e. economic losses.