Refer to the data. The marginal cost column reflects:





A.  the law of diminishing returns.

B.  the law of diminishing marginal utility.

C.  diseconomies of scale.

D.  economies of scale.


A.  the law of diminishing returns.

Economics

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Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be represented as p = 5 - (1/2)q where p is price in $ per hour and q is hours per month

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A person who makes decisions that are "merely good enough" is called a(n)

a. optimizer. b. rational person. c. satisficer. d. maxi-minimizer.

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Which of the following examples would most likely provide buyers with more of a differentiated product because of excess capacity?

a. a barley farm b. a book store c. a steel manufacturer d. a shrimp fishery

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If a bank has no excess reserves, the reserve requirement is 10%, and it receives a new $2 million deposit, the bank can lend out

A. $2 million. B. $1 million. C. $200,000. D. $1,800,000.

Economics