When a firm experiences steadily declining long-run average total costs as it produces more output, it is known as a(n)
A) oligopoly.
B) rent seeker.
C) natural monopoly.
D) monopolistic competitor.
C
Economics
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The economic functions of government include
A) determining prices. B) setting wages in the public sector. C) protecting property rights. D) welfare.
Economics
If the price level is fixed, then an increase in government spending will lead to
A) a larger increase in nominal GDP than in real GDP. B) a smaller increase in nominal GDP than in real GDP. C) no increase in either nominal GDP or real GDP. D) an increase in nominal GDP by the same amount as an increase in real GDP.
Economics