Markets characterized by declining long-run average costs are often referred to as
A. natural monopolies.
B. diseconomies of scale.
C. perfect competition.
D. nonprofit organizations.
Answer: A
You might also like to view...
Explain the three fundamental decisions that firms in perfectly competitive markets mustmake. Explain how these decisions are interrelated
What will be an ideal response?
According to Keynes, wages are inflexible because
A) of the minimum wage set by government. B) of unions and long-term contracts. C) workers do not behave in their own self-interest. D) the economy is never in the long run.
A cost center
a. Records total costs of production b. Is rewarded for increasing the costs of producing a specified output c. Is rewarded for decreasing the costs of producing a specified output d. None of the above
An example of a price floor is
a. the regulation of gasoline prices in the U.S. in the 1970s. b. rent control. c. the minimum wage. d. any restriction on price that leads to a shortage.