except that
A) There is free market entry without large capital costs for
entry
B) There are many firms participating in the market
C) In the long run an increase in profit will have no effect
on the number of firms in the market
D) Firms are price takers
C) In the long run an increase in profit will have no effect
on the number of firms in the market
,Any business firm that has the ability to control the price
of the product it sells
A) Faces a downward sloping demand curve
B) Has a supply curve that is horizontal
C) Has a demand curve that is horizontal
D) Will sell all output produced
A) Faces a downward sloping demand curve
,Because of economies of scale, as output from production
expands
A) The short run average cost of production decreases
B) The long run average cost of production increases
C) The long run total cost decreases
D) The slope of the demand curve increases
A) The short run average cost of production decreases
,