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Basic Question 3 of 7
If the firm has economies of scale in the long run, then the long-run average cost curve is ______.
B. horizontal
C. downward-sloping
D. It depends on whether there are diminishing returns.
E. It depends on the minimum efficient scale.
A. upward-sloping
B. horizontal
C. downward-sloping
D. It depends on whether there are diminishing returns.
E. It depends on the minimum efficient scale.
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I used your notes and passed ... highly recommended!
Lauren
Learning Outcome Statements
determine and interpret break even and shutdown points of production, as well as how economies and diseconomies of scale affect costs under perfect and imperfect competition
CFA® 2025 Level I Curriculum, Volume 1, Module 1.