Economies of scale throughout the range of market demand give natural monopolies
a. downward-sloping long-run average cost curves
b. upward-sloping long-run average total cost curves
c. upward-sloping long-run average cost curves
d. upward-sloping short-run average total cost curves
e. horizontal long-run average cost curves
A
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A demand schedule shows
A) the quantities that people plan to buy at each different income when all other influences on buying plans remain the same. B) the quantities that people would plan to buy if they could afford them at each different price when all other influences on buying plans remain the same. C) the quantities that people plan to buy at each different price when all other influences on buying plans remain the same. D) the quantities that people plan to buy in all possible circumstances. E) the quantities that people plan to buy at each different price as long as producers are willing to supply that quantity.
In the above table, the price of the product is
A) $30. B) $147. C) $150. D) $180.
A price taking firm is able to sell its product just slightly above the current market price.
Answer the following statement true (T) or false (F)
If a firm increases production, then its:
A. variable costs rise. B. fixed costs stay the same. C. total costs increase. D. All of these are true.