Suppose that all pizza companies have the same costs and the minimum average total cost is 12 per pizza. The pizza companies have an efficient scale of 100 pies per night.
In the small town of Coatsville, at the price of 12 per pizza the quantity demanded is approximately 300 pizzas per night. This market, therefore, can best be characterized as A) perfectly competitive.
B) a natural monopoly.
C) a natural duopoly.
D) a natural oligopoly.
Question 2
The law of diminishing returns states that as a firm increases
A) all the inputs is uses, the marginal product of each of these inputs always decreases.
B) a variable input, with a given quantity of fixed inputs, the firm's marginal cost eventually decreases.
C) a variable input, with a given quantity of fixed inputs, the marginal product of the variable input eventually decreases.
D) a variable input, given the quantity of fixed inputs, the firm's average total cost will eventually decrease.
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