If the minimum efficient scale of a firm is small relative to the demand for the good, then
A) many small firms can compete in the market.
B) several large firms will enter the market thereby reducing competition.
C) there will be no economic profits for any small firms, so no new firms will ever enter the market.
D) the firms already in the market have lower average total cost than any new firm entering the market.
Question 2
The above table gives the demand schedule and the supply schedule for housing in Anytown, U.S.A. If a rent ceiling of 300 is imposed in the housing market, then
A) there would be a surplus of apartments.
B) there would be a shortage of apartments.
C) the market would reach equilibrium at the quantity of 60 housing units.
D) the supply of housing would increase.
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The Effect of Using a Ratio Scale