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jonaschem16 jonaschem16
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Short description: Four graphs titled, firm A, firm B, firm C, and firm D. Long description: In each graph, the horizontal axis represents output and the vertical axis represents the cost. The first graph, Firm A shows a concave up decreasing curve representing LRAC. The curve begins at a point near the top-left of the graph and ends at a point near the bottom-left. The second graph, Firm B shows a horizontal line representing LRAC. The line lies a little above the horizontal axis. The third graph, Firm C shows a concave up increasing curve representing LRAC. The curve begins at a point near the bottom-left of the graph and ends at a point near the top-right. The fourth graph, Firm D shows a U-shaped curve representing LRAC. The curve begins at a point near the left-center of the graph and ends near the right-center.

FIGURE 8-1

Refer to Figure 8-1. Which of the four firms in the figure is displaying decreasing returns to scale at all output levels?



▸ Firm A

▸ Firm B

▸ Firm C

▸ Firm D

▸ All firms are displaying increasing returns to scale.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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mattyca001mattyca001
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