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Multiple Choice: One correct answer Consider an industry withexternal economies of scale: a) It is characterized by an increasing average costs as a function of

Multiple Choice: One correct answer

Consider an industry withexternal economies of scale:

a) It is characterized by an increasing average costs as a function of aggregate output.

b) Companies operate with significant variable costs.

c) Companies operate with significant fixed costs.

d) It is characterized by a decreasing supply as a function of aggregate output.

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