There are very few firms able to compete in a market. Which of the following must be true? (3 points)

The firms are conspiring to fix prices.

The firms are all operating within the range of efficient production.

The firms will soon combine into a single supplier.

The minimum efficient scale for the market must be extremely low.

There is very high minimum efficient scale for the market.

Q 2. (03.03 MC) Long-Run Average Total Cost LRATC Costs QA Quantity6. (03.03 LC) (3 points) OUTPUT Cost LRATC Quantity7. (03.03 MC) Long-Run Average Total Cost LRATC Costs Q2 Quantity