Author Question: When production is characterized by persistently declining long-run average costs as output ... (Read 59 times)

Collmarie · **on:** Jun 29, 2018

When production is characterized by persistently declining long-run average costs as output increases

A) the costs of production are greater when competition exists than when a single firm produces a good.
B) it is impossible for two firms to compete in the market.
C) the costs are lower if a single firm exists, and even if the firm is unregulated, price will still be lower with a single firm.
D) there is no need for the government to limit competition by licensing requirements.

Question 2

If you save 2,500 for a down payment on a new car, you are using money as

A) a store of value.
B) a unit of account.
C) a medium of exchange.
D) a standard of deferred payment.