Related to the Economics in Practiceon page 193. The search ...

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Question 1

A firm's long-run average cost curve is increasing as output increases over all levels of output. As a result

◦ small firms and large firms will have identical average costs.
◦ there should be only one firm in the industry.
◦ small firms would have higher average costs of production than large firms.
◦ there should be more than one firm in the industry.

Question 2

Related to the 
Economics in Practice on page 193. The search engine business is subject to ________, which means that as the use of the search engine increases, the long-run cost to provide additional searches on that search engine will likely fall.

◦ diminishing returns
◦ economies of scale
◦ diseconomies of scale
◦ significant government regulation

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