-The Long-Run Average Cost Curve May Initially Slope Downward Due

question 34

Multiple Choice

-The long-run average cost curve may initially slope downward due to

• A) decreasing average fixed costs.
• B) increasing marginal returns.
• C) economies of scale.
• D) All of the above.

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Definitions:

Private Property

A legal designation for the ownership of property by non-governmental legal entities, giving the owner exclusive rights over the use, disposal, and benefits of the property.

Federal Government

The federal government is the national government of a federated state, which holds the authority to govern the entire country and is responsible for areas such as defense, foreign policy, and interstate commerce.

Higher Education

A level of education beyond high school, including colleges, universities, and other post-secondary institutions.

Economic Stability

A state in which an economy experiences steady growth, low inflation, and low unemployment, leading to confidence in the financial system.