In an Industry Where Firms Experience Internal Scale Economies,the Long-Run

question 24

Multiple Choice

In an industry where firms experience internal scale economies,the long-run cost of production will depend on

• A) the size of the market.
• B) the size of the labor force.
• C) whether the country engages in intra-industry trade.
• D) individual firms' fixed costs.
• E) whether the country engages in inter-industry trade.

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Definitions:

FUTA Tax Liability

Federal Unemployment Tax Act liability, which denotes the tax employers must pay to fund the federal government's unemployment benefits.

Earnings

The amount of profit that a company produces during a specific period, which is calculated as revenues minus expenses.

Advance Premium

An advance premium refers to payments made by policyholders to insurers, covering future periods of insurance coverage.

Workers' Compensation

Insurance offering medical benefits and compensation for lost wages to employees who get injured while working.