A firm's long-run average cost curve shows the ________ average cost at which it is possible to produce each output when the firm has had ________ time to change both its labor force and its plant
A) highest; sufficient
B) lowest; sufficient
C) lowest; insufficient
D) highest; insufficient
E) average; sufficient
B
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Unlike the steel industry, the automobile industry
(a) became more concentrated. (b) became less concentrated. (c) remained the same in terms of concentration. (d) constantly fluctuated in terms of concentration.
If the social costs of refining oil are greater than the private costs of oil refining, then
A) the external costs of oil refining are greater than the social costs of oil refining. B) users of products that use refined oil are paying too much for the products. C) there is too much oil refining. D) the amount of oil refining needs to increase in order to bring social costs and private costs in line with each other.
An efficient economy is one that
What will be an ideal response?
Which of the following imposed regulation on its industry?
A. Bus Regulatory Reform Act of 1982 B. Staggers Rail Act of 1980 C. Motor Carrier Act of 1982 D. Interstate Commerce Act of 1887.