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Sophia Microeconmics Unit 3 Milestone 3 Sophia
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Which of the following is why the long run average cost curve must lie at the same level or below any short run average cost curve? Because of economies of scale Because of the law of diminishing returns Because in the long run, a firm will generally operate at higher per-unit cost than in the short run Because in the long run, all production costs are variable CONCEPT 8/17/2020 Sophia :: Welcome Long-Run Supply Curve 2 Which of the following market structures has only one seller, who acts as a price maker? Monopolistic competition Monopoly Perfect competition Oligopoly CONCEPT Monopoly 3
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