The shape of the long-run average cost curve reflects a. market ...

[SGallaher96]

The shape of the long-run average cost curve reflects
 a. market demand
  b. economies and diseconomies of scale
  c. increasing and diminishing marginal returns
  d. productivity of fixed inputs
  e. all of the above

Question 2

Empirical studies of production suggest that the long-run average cost curve
 a. is U-shaped
  b. has an inverted L shape
  c. is L-shaped
  d. is horizontal
  e. shows diminishing marginal returns

[aadams68]

Answer to Question 1

B

Answer to Question 2

A

[SGallaher96]

Thanks for the timely response, appreciate it

[billybob123]

Wow, this really help