When a Firm's Long-Run Average Cost Curve Is Horizontal for a Range

question 251

Multiple Choice

When a firm's long-run average cost curve is horizontal for a range of output, then that range of production displays

• A)increasing returns to scale.
• B)constant returns to scale.
• C)decreasing returns to scale.
• D)constant average fixed costs.

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Definitions:

UCC

A standardized set of laws that facilitate the commercial exchange of goods, securities, and transactions across the U.S.

UCC

The Uniform Commercial Code, a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions.

Secondarily Liable

Responsible in a secondary or auxiliary manner, often referring to a party obligated to pay a debt if the primary party defaults.

Fraud In The Factum

A liability defense available to a party who signs a negotiable instrument without knowing that it is a negotiable instrument.