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:

Sternum

The Sternum, or breastbone, is a long, flat bone located at the center of the chest, connecting to the ribs via costal cartilages to form the front of the rib cage, providing protection to vital organs.

Medial Bone

The bone located on the inner portion of a limb or structure, nearest to the body's midline.

Lower Leg

The part of the leg between the knee and the ankle in humans.