Refer to the above figure. The long-run average cost curve and the long-run marginal cost curves represent
A. the cost curves for a natural monopoly.
B. a situation where a firm has control over the raw materials.
C. a situation where a firm has a patent.
D. the cost curves for a competitive firm.
Answer: A
Economics
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Other things equal, economists would prefer:
A. free trade to tariffs and tariffs to import quotas. B. free trade to import quotas and import quotas to tariffs. C. import quotas to tariffs and tariffs to voluntary export restrictions. D. import quotas to free trade and free trade to tariffs.
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