AC is lower in the long run than in the short run because
a. prices often fall, allowing savings on purchases.
b. inputs can be combined more efficiently in the long run.
c. over time the prices of all inputs tend to decrease.
d. AFC falls with output over all ranges of output.
b
Economics
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In recent U.S. history
A) GDP has been much higher than GNP. B) GNP has been much higher than GDP. C) the difference between GNP and GDP has been very volatile. D) there has been little practical difference between GNP and GDP.
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A market situation where a small number of sellers dominate the entire industry is called:
A. monopolistic competition. B. monopsony. C. monopoly. D. oligopoly.
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