The Long-Run Average Total Cost Curve Is Always

question 54

Multiple Choice

The long-run average total cost curve is always

• A)flatter than the short-run average total cost curve, but not necessarily horizontal.
• B)horizontal.
• C)falling as output increases.
• D)rising as output increases.

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Definitions:

Norms

Rules or standards of behavior that are accepted by a group or society as typical or proper.

Sanctions

Measures taken by countries or international bodies to punish or restrict states or individuals to induce a change in behavior, often for political reasons.

Folkways

Norms or customary behaviors that are socially approved but not morally significant, guiding everyday practices.

Linguistic Determinism

The hypothesis that the structure of a language can strongly influence the thoughts and actions of individuals.