If a firm experiences constant returns to scale throughout:
a. the long-run average-total-cost curve is negatively sloped.
b. the short-run average-total-cost curves are tangential to the long-run average-total-cost curve at a point on their positively sloped portion.
c. the short-run average-total-cost curves are tangential to the long-run average-total-cost curve at their minimum points.
d. the short-run average-total-cost curves are tangential to the long-run average-total-cost curve at a point on their negatively sloped portion.
e. the long-run average-total-cost curve is positively sloped.
c
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A monopoly is a firm that produces a good or service for which no close substitute exists
Indicate whether the statement is true or false
In recent years, more than one quarter of federal government spending went to Social Security and income security programs
a. True b. False Indicate whether the statement is true or false
Monopolies can misallocate resources by restricting output in an attempt to raise prices and profits
a. True b. False Indicate whether the statement is true or false
Which of the following is the unifying issue of economics?
a. income b. opportunities c. resources d. choices