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If the Firms in a Market Have Constant Returns to Scale

question 2

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If the firms in a market have constant returns to scale internally while there are external economies of scale for the industry, a firm's long-run supply curve will be ________ and the long-run market supply curve will be ________.


Definitions:

Normative-stage Model

A theory suggesting that human development proceeds through a series of predetermined stages associated with specific ages.

Timing-of-events Model

A statistical method used to analyze the occurrence and timing of particular events within a given timeframe, often employed in economics and social sciences to understand decision-making processes.

Trait Models

Theoretical models of personality development that focus on mental, emotional, temperamental, and behavioral traits, or attributes.

Five-factor Model

a theory that describes human personality as composed of five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

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