When a firm's long-run average cost curve is horizontal for a range of output, then that range of production displays
A) increasing returns to scale.
B) constant returns to scale.
C) decreasing returns to scale.
D) constant average fixed costs.
Answer: B
Economics
You might also like to view...
The above figure shows the market for game day t-shirts. If the price of t-shirts is $10, then
A) there is a surplus and the price of t-shirts will fall. B) there is a shortage and the price of t-shirts will fall. C) there is a shortage and the price of t-shirts will rise. D) there is a surplus and the price of t-shirts will rise. E) the market is in equilibrium.
Economics
The Federal Reserve is powerful because it can influence _______ through its control over _______.
A. the money supply; aggregate demand B. interest rates; aggregate supply C. aggregate demand; the money supply D. aggregate supply; interest rates
Economics