Which statement is true?
a. diseconomies of scale explain the downward sloping part of the l...
Which statement is true?
a. diseconomies of scale explain the downward sloping part of the long-run atc curve.
b. if demand is elastic, a decrease in price will increase total revenue.
c. average revenue is the total amount the seller receives from the sale of a product in a particular time period.
d. marginal cost reaches its minimum point just as marginal product reaches its minimum point as well.
e. in the most competitive of industries, the surviving firms will earn huge economic profit over the longer run.
f. a firm's explicit costs are the opportunity costs of using the resources that it already owns to make the firm's own product rather than selling those resources to outsiders for cash.
Answers: 2
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