Adam Smith observed that the division of labour is limited by the size of the market. Which one of the following statements is not consistent with this observation? Multiple Choice A limited-sized market can prevent firms from achieving economic capacity A limited-sized market can prevent firms from achieving their minimum efficient scale A limited-sized market can prevent firms from achieving minimum long-run average cost A limited-sized market can prevent firms from achieving minimum short-run average cost A limited-sized market can prevent firms from achieving excess capacity

Adam Smith observed that the division of labour is limited by the size of the market. Which one of the following statements is not consistent with this observation? Multiple Choice A limited-sized market can prevent firms from achieving economic capacity A limited-sized market can prevent firms from achieving their minimum efficient scale A limited-sized market can prevent firms from achieving minimum long-run average cost A limited-sized market can prevent firms from achieving minimum short-run average cost A limited-sized market can prevent firms from achieving excess capacity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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