Firm with fixed production facility

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Reference no: EM131376639

A Firm with a Fixed Production Facility: Short-Run Costs: Fill in the blanks – The short run average total cost curve (ATC) is U-shaped because of the conflicting effects of (a) _____ and (b) _____.

Fill in the blanks: A monopolists has _____, the ability to affect the price of a product. Consumers obey the law of demand and the higher the monopolist’s price the ______ the quantity it will sell.

Fill in the blanks: Under monopolistic competition, the average cost of production is _____than the minimum, but there is also more product _____.

Fill in the blanks: Each firm in an oligopoly has an incentive to _____ the other firms, so price fixing will be unsuccessful unless firms have some way of enforcing a _____ agreement.

Reference no: EM131376639

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