If a Firm Has a Downward-Sloping Long-Run Average Cost Curve

question 11

Multiple Choice

If a firm has a downward-sloping long-run average cost curve over the entire range of market demand, it is a

• A)local monopoly
• B)resource monopoly
• C)monopsony
• D)output monopoly
• E)natural monopoly

Contrast common resources with public goods to distinguish between the two.

Understand the concept of nonrivalry in consumption and its application to social goods and common resources.

Understand the legal principles and defenses related to defamation law.

Identify the circumstances and requirements under various privacy legislation including the Personal Information Protection and Electronic Documents Act.

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Definitions:

Social Entrepreneur

An individual who establishes an enterprise with the aim of solving social problems or effecting social change, using traditional entrepreneurial principles.

Economic

Pertaining to the production, distribution, and use of income, wealth, and commodities.

Primary Role

Refers to the main or most important function or responsibility that an individual, system, or entity has.

Business

A business or corporate body involved in trade, manufacturing, or professional services.