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Question
The long-run average total costs for a firm are equal to short-run average total costs when
a. the long-run average total cost curve is declining.
b. the long-run average total cost curve is at a minimum point.
c. the long-run average total cost curve is increasing.
d. production is maximized.
e. production is at any point along the long-run average cost curve.
Answer
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Related questions
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The economic entity most likely to engage in price gouging is
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What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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