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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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A firm's efficient scale is the quantity at which ________ is a minimum.

A firm has excess capacity if it produces ________ its efficient scale.

marginal cost; below

average total cost; above

marginal cost; above

average variable cost; below

average total cost; below

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are never efficient.

are always efficient.

are more efficient in perfectly competitive markets than in monopolistically competitive markets.

are equally efficient in monopolistically competitive markets and perfectly competitive markets.

can be efficient but are not always efficient.

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