If average total cost per unit is minimized when a single producer supplies the entire market, this indicates
a. the presence of limit pricing
b. that the single producer is a perfect monopoly
c. the presence of substantial economies of scale
d. that the market has been narrowly defined
e. the existence of a single-price monopoly
C
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The first act to declare monopolies illegal in the United States was the
a. Sherman Antitrust Act. b. Clayton Act. c. Federal Trade Commission Act. d. Robinson-Patman Act.
Teenagers have more frequent unemployment spells so, on average, they spend more time searching for jobs. Other thing the same, this means that teenagers have a
a. higher unemployment rate. If a larger portion of the adult population were teenaged, the natural rate of unemployment would be higher. b. higher unemployment rate. The portion of the adult population that is teenaged does not affect the natural rate of unemployment. c. lower unemployment rate. If a larger portion of the adult population were teenaged, the natural rate of unemployment would be lower. d. lower unemployment rate. The portion of the adult population that is teenaged does not affect the natural rate of unemployment.
The amount of work time lost because of strikes has been declining fairly steadily since
A. 1950. B. 1960. C. 1970. D. 1990.
Recall the Application about the break-even price for growing switchgrass, a perennial grass that is native to the U.S. plains states and is used to create biofuel, to answer the following question(s).Recall the Application. If the minimum average variable cost for switchgrass farmers is $40 per ton and the current price is $35 per ton, in the long run the switchgrass farmer will:
A. exit the industry. B. operate and lose money. C. make a positive economic profit. D. make a zero economic profit.