At McDonald's, economies of scale at the plant (or restaurant) level occur
a. over the range of output for which that restaurant's average cost curve is upward sloping
b. over the range of output for which that restaurant's average cost curve is horizontal
c. over the range of output for which that restaurant's average cost curve is downward sloping
d. at all levels of output
e. only in the short run
C
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The Clayton Act of 1914 prohibits "every contract, combination, or conspiracy in restraint of trade" and any "monopolization, attempted monopolization, or conspiracy or combination to monopolize."
a. True b. False Indicate whether the statement is true or false
"The firm hires the factor up to the point where the value of the factor's marginal product is equal to the factor's price." This statement applies to which factor of production?
a. labor only b. land only c. capital only d. land, labor, and capital