When a Firm Experiences Steadily Declining Long-Run Average Total Costs

question 44

Multiple Choice

When a firm experiences steadily declining long-run average total costs as it produces more output, it is known as a(n)

• A) oligopoly.
• B) rent seeker.
• C) natural monopoly.
• D) monopolistic competitor.

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Definitions:

Ointment

A semi-solid preparation typically used topically for the delivery of medication or for protective, therapeutic, or cosmetic purposes.

Parenteral

Other than by mouth.

Prescription

A written order from a healthcare professional that authorizes a patient to be provided a medicine or treatment.

Narcotic

Drugs that relieve pain and often induce sleep, but can also lead to dependence or addiction; originally referred specifically to opium-derived substances.