Markets Characterized by Declining Long-Run Average Costs Are Often Referred

question 2

Multiple Choice

Markets characterized by declining long-run average costs are often referred to as

• A)perfect competition.
• B)diseconomies of scale.
• C)natural monopolies.
• D)nonprofit organizations.

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Definitions:

Government

A system or group of people governing an organized community, often a state.

Federal Tax Legislation

Laws enacted by the federal government to impose taxes on individuals and businesses to finance government activities.

Insurance Policy

A contract between an individual or entity and an insurance company, detailing the terms for premium payments in exchange for coverage of specified risk events.

Health Care

Professional services provided by individuals or institutions to promote, maintain, or restore physical and mental well-being.