A Firm's Long-Run Average Cost Curve Is Increasing as Output

question 213

Multiple Choice

A firm's long-run average cost curve is increasing as output increases over all levels of output. As a result

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

Understand the importance of combining emotional appeals with other types of evidence for effective persuasion.

Recognize ethical guidelines in the manipulation of photographs and videos within arguments.

Identify and avoid logical fallacies such as post hoc reasoning in argument construction.

Distinguish between different types of arguments including restatements, popularity claims, hasty generalizations, false dilemmas, and ad hominem attacks.

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Definitions:

Random Sample

A subset of a statistical population in which each member of the subset has an equal probability of being chosen.

Normal Population

A population with a distribution that follows a normal curve or Gaussian distribution, characterized by being symmetrical and bell-shaped.

Standard Deviation

A statistical metric that quantifies the amount of variation or dispersion of a dataset relative to its mean.

Mean Age

The average age of all individuals in a particular group or population, calculated by summing their ages and dividing by the number of individuals.