Constant returns to scale are illustrated by
A. a downward sloping long-run average cost curve.
B. a horizontal long-run average cost curve.
C. an upward sloping long-run average cost curve.
D. a long-run average cost curve that is shaped like an upside down U.
Answer: B
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Which of the following curves is not U-shaped?
A) average variable cost curve B) average fixed cost curve C) average total cost curve D) marginal cost curve
The ratio of the prices of two goods measures
A. the rate at which a consumer is willing to substitute one good for another in the market. B. the marginal rate of substitution of X for Y. C. the rate at which a consumer is able to substitute one good for another in the market. D. both a and c E. both b and c
One advantage of ____________ is being able to set the industry standard.
Fill in the blank(s) with the appropriate word(s).
Which of the following is TRUE of the cap-and-trade program in the United States?
A) The state of California began a cap-and-trade program in 2013. B) The United States is a participant of the Kyoto Protocol that implemented the cap-and-trade program in 2005. C) All states in the U.S. have implemented a cap-and-trade program before the Kyoto Protocol in 2005. D) The state of Texas is currently the only state in the U.S. that has not implemented a cap-and-trade program.