Which of the following is true? a. In constant-cost industries, the cost curves of the firm are

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Which of the following is true?

a. In constant-cost industries, the cost curves of the firm are not affected by changes in the output of the entire industry.

b. In an increasing-cost industry, the cost curves of the individual firms rise as total output increases.

c. A decreasing-cost industry has a downward-sloping long-run supply curve; firms experience lower cost as industry expands.

d. All of these are true.

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Exploring Economics

ISBN: 9781544336329

8th Edition

Authors: Robert L. Sexton

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