The long-run average total cost curve Multiple Choice displays declining unit costs so long as output is increasing. indicates the lowest unit costs achievable when a firm has had sufficient time to alter plant size. has a shape that is the inverse of the law of diminishing returns. can be derived by summing horizontally the average total cost curves of all firms in an industry.

Which term best describes the statement given below? if p = q and q = r, then p = r

What outputs a and b (in millions of dollars per year) should the two industries generate to satisfy the demand? you may be tempted to say 1,000 and 780, respectively, but things are not quite as simple as that. we have to take into account the interindustry demand as well. let us say that industry a produces electricity. of course, producing almost any product will require electric power. suppose that industry b needs 1o¢ worth of electricity for each $1 of output b produces and that industry a needs 20¢ worth of b's products for each $1 of output a produces?

You are interested in buying a laptop computer. your list of considerations include the computer's speed in processing data, its weight, screen size, and price. you consider a number of different models, and narrow your list based on speed and monitor screen size, then finally select a model to buy based on its weight and price. in this decision, weight and price are examples of: