Multiple Choice
When economies of scale are present,
A) costs per unit decline as output expands.
B) the government feels responsible for breaking up the firm.
C) firms always make handsome profits.
D) costs fall as the size of the product is increased.
Correct Answer:
Verified
Correct Answer:
Verified
Q148: In a bakery for a given amount
Q149: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt=" -A total product
Q150: Figure 7-5 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 7-5
Q151: Marginal revenue product is the effect of
Q152: If on a given product indifference curve,
Q154: Figure 7-17 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 7-17
Q155: For most firms, if the marginal cost
Q156: The "law" of diminishing returns rests on
Q157: Firms choose the highest production indifference curve
Q158: Firms should use a resource up to