Consumers Around the World Want to Purchase When They Are

question 74

True/False

Consumers around the world want to purchase when they are ready and expect the product to be available on demand.

---

Definitions:

LRAC Curve

The Long-Run Average Cost (LRAC) Curve represents the minimum average cost at which any output level can be produced in the long run when all inputs are variable.

Industry Supply

The total quantity of a good or service that is available for purchase in a given industry, at a given time and place.

Supply Schedule

Shows how much of a product firms will sell at alternative prices.

Average Fixed Costs

The total fixed costs divided by the quantity of output produced; they decrease as output increases.