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Author Question: Industries in which firms are suffering losses are likely to ________ in the long run. (Read 77 times)

geoffrey

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Question 1

A firm that experiences only constant returns to scale will have a U-shaped long-run average cost curve.


◦ true
◦ false

Question 2

Industries in which firms are suffering losses are likely to ________ in the long run.


◦ expand
◦ contract
◦ neither expand nor contract, as firms must earn an economic profit to stay in business
◦ expand or contract depending on the normal rate of return


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Marked as best answer by geoffrey on Apr 19, 2019

xoxo123

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xoxo123

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