If economies of scale are relatively unimportant in an industry, the typical firm's long-run average total cost curve will reach a minimum at a level of output that is a ________ fraction of total industry sales. The industry will be ________
A) large; competitive B) small; an oligopoly
C) large; an oligopoly D) small; competitive
D
You might also like to view...
Political candidates tend to be very similar in a representative democracy because _____
a. most candidates are wealthy b. the average voter demands conformity c. of cyclical majorities d. party platforms converge toward the median voter
Natural resources are examples such as __________ ?
a. Humans, buildings, cars; houses b. None of the mention resources c. Trees, body of waters; minerals d. goods, services, knowledge; cars
The two best known bond rating services are:
A. Standard & Poor's and the Wall Street Journal. B. the Federal Reserve and the U.S. Treasury. C. the Federal Reserve and Moody's Investment Services. D. Standard & Poor's and Moody's Investment Services.
How is the market for gasoline affected if the excise tax on gasoline is reduced?
A) The supply of gasoline decreases. B) The supply of gasoline increases. C) The equilibrium quantity of gasoline decreases. D) The equilibrium price of gasoline increases.