Suppose the Technology of an Industry Is Such That the Typical

question 64

Multiple Choice

Suppose the technology of an industry is such that the typical firm's minimum efficient scale is 18 units per day at an average long- run cost of $1600 per unit. If the total quantity demanded at a price of $1750 per unit is 16 units per month, the likely result would be

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

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