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1. Total fixed costs
a. are constant as output increases.
b. are the costs of fixed inputs for the firm
c. equal total costs minus total variable costs.
d. must be paid whether the firm produces or not.
e. All of these choices.
2. Constant returns to scale occur when
a. an increase in all resources causes no change in output.
b. the long-run average-cost curve is declining.
c. the marginal-cost curve is increasing at a decreasing rate.
d. the marginal-cost curve lies below the average-cost curve.
e. an increase in all resources results in an exactly proportionate increase in output.
Which of the following signals to firm owners that scarce resources might be better allocated to a different industry?
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Determine also show how much these firms will sell and what they will charge.
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