A decreasing-cost industry has a downward-sloping
A) long-run average cost curve.
B) long-run marginal cost curve.
C) short-run average cost curve.
D) short-run marginal cost curve.
E) long-run industry supply curve.
E
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Angelina Jolie's economic rent from starring in a movie is equal to the difference between:
A. her final salary and what she could earn by starring in a different movie. B. her initial salary offer and her final salary, including royalties. C. her final salary and the average salary for leading actresses. D. her final salary and the least she would be willing to accept to star in the movie.
Which of the following addresses agency costs?
a. spot checks of the quality of employee work b. hiring only from job fairs c. instituting longer work days d. reducing the number of holidays
Another term that could be used for elasticity is
a. sensitivity b. utility c. surplus d. profit e. slope
Using the rule of 72, determine how long it would take for real GDP to double if it grew at a constant growth rate of 4 percent.
A. 72 years. B. 144 years. C. 4 years. D. 18 years.