In the long run, a firm can choose
A) to operate at any point on only one short-run average total cost curve.
B) to operate along any short-run average total cost curves.
C) to operate along any short-run average variable cost curves.
D) to operate along any point of its short-run marginal cost curves.
B
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For many small firms, providing health insurance for their workers
A) represents their most rapidly increasing cost. B) costs virtually nothing under the ACA. C) encourages them to hire more full-time workers. D) has decreased in cost over the past 10 years.
Based on the diagram above, what is the difference between the purely competitive level of output and the pure monopolist level of output?
A. 50 units of output B. 100 units of output C. 10 units of output D. 20 units of output
The largest expenditure component of the federal budget is spending on
A. foreign aid. B. the military. C. public education. D. entitlement programs.
Which of the following statements is correct?
A. Monopoly firms tend to be more internally efficient than competitive firms because they have a single goal of profit maximization B. Monopoly firms are sheltered from competitive forces and such an environment makes them subject to X-inefficiency C. Monopoly firms are in industries with low barriers to entry that tend to lower the cost of producing products D. Competitive firms tend to be more efficient than monopolist firms because they maximize per unit profits, not total profits