Multiple Choice
Economies of scale refer to
A) the minimum point on the short-run average total cost curve.
B) the flat portion of the long-run average total cost curve.
C) a decrease in the long-run average total cost of production as output increases.
D) a and b
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q82: Exhibit 21-11<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-11
Q83: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt=" -For ABC, Inc.,
Q84: _ scale exist when inputs are increased
Q85: Exhibit 21-11<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-11
Q86: Using the concept of marginal cost, explain
Q88: Average productivity of labor equals<br>A)the change in
Q89: Costs that do not change with output
Q90: The average-marginal rule states that if the
Q91: The law of diminishing marginal returns<br>A)is a
Q92: When a firm is experiencing constant returns