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:

Language Abilities

The capacity to use complex systems of communication, particularly the human ability to do so, which includes both the ability to comprehend and produce spoken and written language.

Neurocognitive Disorder

A category of mental health disorders that primarily affect cognitive abilities including learning, memory, and understanding.

Intellectual Disability

A condition characterized by significant limitations both in intellectual functioning and in adaptive behavior, which covers a range of everyday social and practical skills.

Aphasia

A condition characterized by the impairment of language ability, affecting production, comprehension, reading, or writing, due to brain damage.