Which of the Following Is Not True When There Are

question 385

Multiple Choice

Which of the following is not true when there are large economies of scale such that one firm can produce at a lower average cost than can be achieved by multiple firms?

• A) This situation produces a natural monopoly.
• B) Proportional increases in output yield proportionally small increases in total cost.
• C) The long-run average cost curve of the firm will increase at a low level of output.
• D) There will only be one firm in this industry.

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Definitions:

Descendants

Individuals who are the direct blood relatives in the downward line, including children, grandchildren, and so on.

Surviving Descendant

A direct blood relative of a deceased individual, such as a child or grandchild, who is entitled to inherit under the laws of intestacy.

Holographic Wills

Handwritten wills made by the testator, generally without formal witnessing, that may be legally binding in some jurisdictions.

Nuncupative Wills

Verbal wills made by a person in anticipation of imminent death, and witnessed by others, typically needing to meet specific legal standards to be valid.