A Firm Faces Competitive Markets Both for Its Inputs and Its

question 3

True/False

A firm faces competitive markets both for its inputs and its outputs. If its long-run supply curve is q = 3p,then it cannot have constant returns to scale.

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Definitions:

Salesmen

Salesmen are individuals who sell goods and services to customers, aiming to meet customers' needs while achieving sales targets.

Delivery Services

Companies or agents that transport goods from one location to another.

Late Packages

Late packages refer to parcels, mail, or cargo that are delivered after the expected delivery time.

Simpson's Paradox

A statistical phenomenon in which a trend appears in different groups of data but disappears or reverses when the groups are combined.