Over All Levels of Output, If a Firm's Long-Run Average

question 225

Multiple Choice

Over all levels of output, if a firm's long-run average cost curve declines as output increases, then

• A) small firms and large firms will have identical average costs.
• B) there should be a large number of firms in the industry.
• C) small firms would have lower average costs of production than large firms.
• D) there should be only one firm in the industry.

---

Definitions:

Schizophrenia

A severe mental disorder characterized by distortions in thinking, perception, emotions, language, sense of self, and behavior.

Psychosocially Informed

An approach that considers both psychological and social factors in understanding or addressing issues.

Traditional Classification

A method of organizing or categorizing based on long-established customs, practices, or criteria.

Organic

Refers to substances, practices, or systems that are based on living processes, especially in agriculture, or compounds containing carbon.