Multiple Choice
Economies of scale
A) Exist in both the short run and the long run.
B) Explain why average variable and average total costs decline in the short run.
C) Explain why average total costs decline as output increases in the long run.
D) Explain why average total costs increase as output increases in the long run.
Correct Answer:
Verified
Correct Answer:
Verified
Q34: The long-run ATC curve is simply a
Q35: Which of the following is a factor
Q36: Which of the following is a long-run
Q37: Average total cost is equal to<br>A)Total cost
Q38: Which of the following statements about the
Q40: Diminishing returns occur because<br>A)Of inefficiency in the
Q41: Ceteris paribus,the law of diminishing returns states
Q42: Refer to Table 21.5: Table 21.5<br>
Q43: Table 21.4 <span class="ql-formula" data-value="\begin{array}{|c|r|}\hline
Q44: Table 21.1 <span class="ql-formula" data-value="\begin{array}