An industry whose total output can be increased without a change in long-run per-unit costs is a(n)
A. increasing-cost industry.
B. constant-cost industry.
C. zero-cost industry.
D. decreasing-cost industry.
Answer: B
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The table above shows the demand and total cost schedule for a monopolist hotel. What is the marginal revenue from renting out the fifth room each night?
A) $111 B) $141 C) $151 D) $161
Normal economic profit is zero. Zero economic profit means that all resources used by the firm earn their opportunity cost
Indicate whether the statement is true or false
Which is a likely characteristic of a differentiated oligopolistic market?
A. The market demand curve is inelastic. B. Price and output decisions of firms are interdependent. C. There are minimal barriers to entry. D. There is minimal advertising expenditure.
External costs can be defined as
A) the cost associated with private production, but partially borne by society. B) the sum of all private production costs. C) the cost of running the federal government. D) the cost of providing all public goods and services.