In an Industry Where the Economies of Scale Are Small

question 69

True/False

In an industry where the economies of scale are small, the long-run average cost curve is fairly flat across all output ranges.

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Definitions:

Negligently

Acting with a lack of care or concern for the consequences of one's actions that a reasonable person would have shown.

Liability

Legal responsibility for one's actions or omissions, which can result in an obligation to compensate any harm caused to others.

Limited Partner

An investor in a partnership who is not involved in the day-to-day operations and whose liability is limited to the amount invested in the business.

Limited Partnership

A partnership consisting of at least one general partner and one or more limited partners, with differing liabilities and investment commitments.