Economies of scale and diseconomies of scale explain
A) cost behavior in the short run.
B) profit maximization in the long run.
C) the U-shape of the long-run average cost curve.
D) the U-shape of the short-run average total cost curve.
E) the U-shape of the marginal cost curves.
C
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A recession conventionally is defined as a decrease in
A) real GDP that lasts for at least six months. B) the growth rate of real GDP that lasts for at least six months. C) potential GDP that lasts for at least six months. D) real GDP that lasts for at least three months. E) the inflation rate that lasts for at least six months.
The Keynesian-cross model is a complete macroeconomic model
a. True b. False Indicate whether the statement is true or false
Is it likely that oligopolistic firms will be in both a kinked demand curve situation and also engage in price leadership? Why or why not?
What is market supply? How is the market supply curve for a good obtained?