Economies of scale refer to the range of output over which
A) marginal cost exceeds average cost.
B) the long-run average cost falls as output increases.
C) the marginal product of labor diminishes.
D) the long-run average cost is less than the short-run average total cost.
B
Economics
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A monopoly arises when there:
a. is a firm desiring to compete in many markets. b. is a firm wanting to maximize profits. c. are barriers to the entry of other firms in the industry. d. is government intervention to establish and enforce a price ceiling.
Economics
The graph shown demonstrates a tax on sellers. What is the amount of tax revenue being generated from the tax?
A. $310 B. $135 C. $80 D. $150
Economics