When a firm experiences declining long-run average total costs as it produces more output, it is known as a(n)
A) oligopoly.
B) rent seeker.
C) natural monopoly.
D) monopolistic competitor.
Answer: C
You might also like to view...
An increase in price will increase supply.
Answer the following statement true (T) or false (F)
If a market is NOT perfectly competitive, then government intervention
A) is always justifiable. B) will usually decrease economic well-being. C) guarantees that societal well-being will be maximized. D) may increase economic well-being.
The incidence of a tax refers to
a. who actually collects the tax. b. how frequently the tax is collected. c. who bears the economic burden of the tax. d. how the tax affects prices or wages.
One cost that potentially could result from central banks targeting money growth is:
A. volatile interest rates. B. decreased independence. C. high inflation. D. a slowdown in financial innovation.