The long-run average cost of producing 12 units of output is $54; the long-run average cost of producing 13 units is $56. These numbers illustrate:
A. diseconomies of scale.
B. economies of scope.
C. economies of scale.
D. diminishing marginal productivity.
Answer: A
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A price floor is a price set below equilibrium by government and it creates a shortage
a. True b. False Indicate whether the statement is true or false
When the economy is operating at a point where aggregate demand equals long-run aggregate supply, it must be true that:
A. aggregate demand also equals short-run aggregate supply. B. the economy is in long-run equilibrium. C. prices and expected prices are the same. D. All of these are true.
In competitive price-searcher markets, short-run economic profits will lead to
a. long-run economic profits. b. the exit of firms from the market and the eventual restoration of zero long-run economic profits. c. the entry of additional firms into the market and the eventual restoration of zero long-run economic profits. d. the entry of additional firms into the market, which increases the demand for the product of each firm in the market.
Pete ate a large slice of pepperoni pizza; a small salad with lettuce, carrot, tomato, cucumber, cheese, and ranch dressing; and a diet Dr. Pepper for lunch. This meal consisted of: 25g of fat, 90g of carbohydrate, and 12 g of protein. How many total calories did Pete consume?