Consider a U-Shaped Long-Run Average Cost Curve That Has a Minimum

question 178

Multiple Choice

Consider a U-shaped long-run average cost curve that has a minimum efficient scale at 6,000 units of output.In this case, this industry would be

• A)perfectly competitive if the market quantity demanded is 20,000 units.
• B)monopolistically competitive if the market quantity demanded is 12,000 units.
• C)an oligopoly if the market quantity demanded is 18,000 units.
• D)an oligopoly if the four-firm concentration ratio is more than 10 percent.

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Definitions:

Dermis

The layer of skin beneath the epidermis, containing nerve endings, sweat glands, and blood vessels.

Epidermis

The outermost layer of skin, serving as the body's primary barrier against environmental damage.

Hypodermis

The innermost and thickest layer of the skin, which contains fat and connective tissue that provides insulation and cushioning to the body.

Uremia

A condition in which products normally found in the urine are found in the blood.