If Economies of Scale Are Relatively Unimportant in an Industry

question 8

Multiple Choice

If economies of scale are relatively unimportant in an industry, the typical firm's long-run average total cost curve will reach a minimum at a level of output that is a ________ fraction of total industry sales.The industry will be ________.

• A)large; competitive
• B)large; an oligopoly
• C)small; competitive
• D)small; an oligopoly

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Definitions:

Peroneus Longus

The Peroneus Longus is a muscle on the outer side of the lower leg, which helps in plantar flexion and eversion of the foot.

Supinator

A muscle in the forearm that assists in rotating the forearm and hand so that the palm faces upwards or forwards.

Pronator Quadratus

A square-shaped muscle in the forearm that acts to pronate the wrist, turning the hand so the palm faces downwards.

Triceps Brachii

A major muscle of the upper arm involved in extension of the elbow and is composed of three heads.