Firms in long-run perfect competition produce at

A) increasing returns to scale.
B) decreasing returns to scale.
C) constant returns to scale.
D) no returns to scale.

C

Economics

You might also like to view...

Consider the following products. Which of them has the flattest demand curve?

A) insulin B) alcohol C) cigarettes D) butter

Economics

Which of the following statements is true of explicit costs for a firm? a. Explicit costs include the opportunity costs of the funds that are invested in a firm

b. Explicit costs do not include the opportunity costs of the funds that are invested in a firm. c. Explicit costs are deducted from the total revenue of a firm to calculate the economic profit made by the firm. d. Explicit costs for a firm are always higher than its implicit costs.

Economics