If the Long-Run Average Total Cost Curve Is Downward-Sloping, Then

question 69

True/False

If the long-run average total cost curve is downward-sloping, then the firm is experiencing decreasing returns to scale.

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Definitions:

Sunglasses

Eyewear designed to protect the eyes from the sun's harmful rays and reduce glare.

Excess Demand

An instance where the market's need for a service or product surpasses the available supply.

Equilibrium Price

The price in the market where the amount of products provided matches the amount of products wanted.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period of time.