The gap between average total cost and average variable cost:
a. is constant at all ranges of output.
b. is high at high levels of production.
c. declines as output expands.
d. depends on the production technology.
Question 2
Which of the following statements concerning perfect competition is not true?
a. Firms are price takers.
b. The demand curve facing an individual firm is horizontal.
c. A firm's demand curve is identical to its marginal revenue curve.
d. The firms produce differentiated products.
e. If a firm raises its price, it will lose all of its customers.
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