Economies of scale means that

A) the average fixed cost curve slopes downward over its entire range.
B) the four-firm concentration ratio is below 80.
C) the long-run average total cost curve slopes downward over it entire range.
D) the long-run total cost curve slopes downward over it entire range.


Answer: C

Economics

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If a profit-maximizing firm finds that, at its current level of production, MR > MC, it will

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