Choose the correct statement regarding short-run and long-run costs? (Assume all cost curves have typical shapes, e.g., average total cost and average variable

cost are U-shaped.)

O A firm able to exploit economies of scale will find that marginal cost always falls as output increases over the output range of economies of scale.

Average fixed cost always rises as output increases.

O The law of diminishing returns implies that the short-run marginal cost curve must eventually decrease with increased output.

O Long-run cost curves are generally flatter than short-run cost curves.

None of the statements are correct.

term - Summer > blackboard.jhu.edu/webapps/assessment/take/launch.jsp? course_assessment_id=_200536_18 course_id=_257346_1&content_id=_11600064_1&step=null Sasha Alleyne @ Home - Canva Transitions Premier... Download Stock Ph.. Academy of Film, F... 00 UnreadBrittany Nic... Free Vectors, Stock... |Epidemic Sound -... FootageCra Remaining Time: 1 hour, 18 minutes, 37 seconds. Question Completion Status: a fixed cost an implicit cost. QUESTION 11 21 Choose the correct statement regarding short-run and long-run costs? (Assume all cost curves have typical shapes, e.g., average total cost and average variable cost are U-shaped.) A firm able to exploit economies of scale will find that marginal cost always falls as output increases over the output range of economies of scale. Average fixed cost always rises as output increases. The law of diminishing returns implies that the short-run marginal cost curve must eventually decrease with increased output. Long-run cost curves are generally flatter than short-run cost curves. None of the statements are correct. QUESTION 12 In honor of the 1992 Bronze winning Lithuanian men's basketball team, you have been selling tiedye Skullman t-shirts on eBay. You are currently selling the t- shirts with a "Buy It Now" price of $25 (i.e., there is no bidding, customers can only purchase at this price). Suppose you also know that the demand for your t- shirts is described by Q - 500 - 2P (and inverse demand is described by P - 250 - 0.5Q). If your goal were to maximize revenue, what should you do? Lower price to $20 per t-shirt Increase prices to $125 per t-shirt Increase prices to $250 per t-shirt ) Koon prices at $35 nor t-chit Save All Answe Click Save and Submit to save and submit. Click Save All Answers to save all answers. M3_Perfect comp..pptx M2_Economies of.pptx P M2_Profit maximi.p MB Competitive....pptxx