When long-run average cost increases as output increases there are

A) economies of scale.
B) diseconomies of scale.
C) constant returns to scale.
D) none of the above.


B

Economics

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Total revenue decreases as the price of a good increases, if the demand for the good is

A. unitary elastic. B. elastic. C. inelastic. D. perfectly elastic.

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Which of the following is true regarding a normative statement?

i. It uses the ceteris paribus assumption. ii. It is a value judgment. iii. It accounts for opportunity costs. A) i and iii B) ii and iii C) i only D) ii only E) i, ii, and iii

Economics

Describe three features of monopolistic competition that differentiate it from monopoly

What will be an ideal response?

Economics

A lower level of income causes the demand for money to ________ and the interest rate to ________, everything else held constant

A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase

Economics