Which of the following statements is generally correct? * O The long-run average total cost curve is U-shaped. Firms tend to experience economies of scale at high levels of output and diseconomies of scale at low levels of output. O Fixed costs are the greatest in the long run. The ATC of producing a particular quantity of output is the same in the short run and in the long run. O The short-run ATC curve intersects the long-run ATC curve at its minimum point.

Which of the following statements is generally correct? * O The long-run average total cost curve is U-shaped. Firms tend to experience economies of scale at high levels of output and diseconomies of scale at low levels of output. O Fixed costs are the greatest in the long run. The ATC of producing a particular quantity of output is the same in the short run and in the long run. O The short-run ATC curve intersects the long-run ATC curve at its minimum point.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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