Suppose the Technology of Production Is Such That the Typical

question 30

Multiple Choice

Suppose the technology of production is such that the typical firm's minimum efficient scale is 1400 units per week at an average long- run cost of $9 per unit.If the total quantity demanded in this market at a price of $9 per unit is 22 million units per week,the likely result will be

• A)a competitive industry.
• B)a natural monopoly.
• C)price discrimination.
• D)a cartel.
• E)a concentrated oligopoly.

---

Definitions:

Without Replacement

A sampling method where once an item is selected, it is not put back into the population for potential reselection.

Consecutive Red Cards

In card games or sports like soccer, instances where red cards are issued in sequential order, either to players or as drawn cards from a deck.

Black Card

Often refers to a high-tier, exclusive credit card that offers extensive benefits and is typically invitation-only.

Record

To capture and store information for future use or to denote an all-time high or low measurement in a specific context.