Which of the following is true? When the marginal cost is greater than the average cost, there are economies of scale. The average expenditure of a monopsonist is decreasing in the quantity purchased. None of the other statements if true. Positive accounting profits in a long-run competitive equilibrium reflect economic rents from
Which of the following is true? When the marginal cost is greater than the average cost, there are economies of scale. The average expenditure of a monopsonist is decreasing in the quantity purchased. None of the other statements if true. Positive accounting profits in a long-run competitive equilibrium reflect economic rents from
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which of the following is true?
When the marginal cost is greater than the average cost, there are economies of scale.
The average expenditure of a monopsonist is decreasing in the quantity purchased.
None of the other statements if true.
Positive accounting profits in a long-run competitive equilibrium reflect economic rents from scarce factors of production.
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