Assume That the Long Run Average Cost for a Representative

question 97

Multiple Choice

Assume that the long run average cost for a representative firm in an industry is minimized at $10 per unit of output.Further assume that total industry output is X at a price of $10,and that each firm in this industry produces 0.2X at an average cost of $10.Under these conditions we would expect the market to have:

• A)a single firm.
• B)two firms.
• C)infinite number of firms.
• D)five firms.

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Definitions:

Erikson

Known for outlining the eight stages of psychosocial development which track an individual's progression and conflicts from infancy to late adulthood.

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Erik Erikson was a psychologist known for his theory on the psychosocial development of humans, emphasizing the impact of society and culture on personality development across eight stages.

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