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Mandolina Mandolina
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7 years ago
Imagine a long-run average cost curve that is U-shaped and has its minimum at 5,000 units of output and an average cost of $10. Under those conditions this industry would be
A) a natural monopoly if only 5,000 units were demanded at $10 but highly competitive if 10,000 units were demanded at that price.
B) an oligopoly if only 5,000 units were demanded at $10 but highly competitive if 10,000 units were demanded at that price.
C) highly competitive if 10,000 units were demanded at $10.
D) a natural monopoly if only 5,000 units were demanded at $10 but highly competitive if 500,000 units were demanded at that price.
Textbook 
Introduction to Economic Reasoning

Introduction to Economic Reasoning


Edition: 8th
Author:
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VilaVila
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Mandolina Author
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7 years ago
YOU SAVED MY LIFE AND MY GRADE!

Thank you!
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