Chapter 5 Self-test questions

The cost structure of firms

Quiz Content

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The long-run average cost curve is determined by ____________.

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A technology exhibits economies of scale if ____________.

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Japanese car manufacturers using flexible manufacturing techniques have reduced the unit costs of car production. So they have shifted ____________

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The long-run average cost curve encloses a series of short-run average total cost curves and is, therefore, also known as ____________

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A firm is said to have encountered long-run decreasing returns when ____________

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If there is too much, or too little, plant and equipment used in the production of a particular level of output ____________

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In the long run ____________

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When the fixed plant used is optimal for the amount of output that is produced ____________

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A fall in the wage rate will ____________

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Methods of gaining scale economies in the electricity industry in the 1980s included ____________

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