Over All Levels of Output, If a Firm's Long-Run Average

question 225

Multiple Choice

Over all levels of output, if a firm's long-run average cost curve declines as output increases, then

• A) small firms and large firms will have identical average costs.
• B) there should be a large number of firms in the industry.
• C) small firms would have lower average costs of production than large firms.
• D) there should be only one firm in the industry.

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