Exhibit 6-14 Cost curves
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In Exhibit 6-14, constant returns to scale only exist for output levels between:
A. 0 and 1,000.
B. 1,000 and 2,000.
C. 2,000 and 3,000.
D. 3,000 and 4,000.
Answer: C
Economics
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In a long-run equilibrium in a perfectly competitive market, firms are selling at a price equal to marginal cost
a. True b. False Indicate whether the statement is true or false
Economics
In the short run, the firm's total cost equals:
A. the total fixed costs + the total variable costs. B. the average fixed costs + average variable costs. C. the average fixed cost + the marginal cost. D. the total variable costs only.
Economics