A firm encountering economies of scale over some range of output will have a
A. constant long-run average cost curve.
B. falling long-run average total cost curve.
C. rising, then falling, then rising long-run average total cost curve.
D. rising long-run average total cost curve.
Answer: B
Economics
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When economists talk about a "balance of payments" deficit, they refer to a condition in which total debits exceed total credits in the balance of payments account
a. True b. False Indicate whether the statement is true or false
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For a price ceiling to be binding, it
a. cannot be determined. b. is the same as the equilibrium price. c. must be above the equilibrium price. d. must be below the equilibrium price.
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