Related to the Economics in Practice on Page 195: If

question 270

Multiple Choice

Related to the Economics in Practice on page 195: If firms have long-run average cost curves with a long, flat section

• A) their long run supply curves are downward sloping.
• B) the optimal number of firms in the industry is one.
• C) larger firms have a cost advantage over smaller firms.
• D) it is impossible to predict the size of the firm.

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Definitions:

ENT

An acronym for Ear, Nose, and Throat, a medical specialty focusing on disorders and conditions of these areas.

Abbreviation

A shortened form of a word or phrase, typically used to save space or avoid repetition.

Diagnosis

The process of identifying a disease or condition from its symptoms and medical test results.

Chemical Agents

Substances that have chemical effects on biological systems, could be therapeutic or toxic.