Economies of scale means that
A) the average fixed cost curve slopes downward over its entire range.
B) the four-firm concentration ratio is below 80.
C) the long-run average total cost curve slopes downward over it entire range.
D) the long-run total cost curve slopes downward over it entire range.
Question 2
A regulated natural monopolist allowed to earn a fair rate of return would produce to the point at which
A) the price per unit equals the long-run average cost.
B) the marginal revenue curve meets the long-run average cost curve.
C) the marginal revenue curve meets the long-run marginal cost curve.
D) the price per unit equals its marginal revenue.
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