► Economic resources are underutilized.
► Resources are equally productive in many alternative uses.
► All available resources are employed efficiently.
A firm in monopolistic competition does not achieve minimum efficient scale because:
► It is not a monopoly.
► It is in competition with other firms. Not sure
► It is operating on the downward-sloping part of the average cost curve.
► It produces at the minimum average cost.
Cross price elasticity between coffee and tea is 1.5. It means that:
► Given a 1% increase in coffee price, we would expect a 1.5% increase in tea demand.
► Given a 1% increase in coffee price, we would expect a 1.5% decrease in tea demand.
► Given 1% increase in coffee price, there will be no change in tea demand.
► None of the given options.
If a firm experiences economies of scale, then the:
► Long-run average total cost curve is equal to the economies of scope.
► Long-run average total cost curve is positively sloped.
► Long-run average total cost curve is horizontal.
► Long-run average total cost curve is negatively sloped.
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