If the minimum points of all the possible short-run average total cost curves become successively lower as quantity of output increases, then:
a. there are economies of scale.
b. the firm is probably having significant management problems.
c. the firm should try to produce less output.
d. total fixed costs are constant along the LRAC curve.
a
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Compare and contrast a general retail sales tax with a value added tax
What will be an ideal response?
Probabilities, which are based on past data or experience, are called
A) a priori. B) objective. C) uncertain. D) statistical.
The liquidity of an asset indicates: a. its buying power
b. the ease with which it can be converted into cash without a significant loss of value. c. the ease with which it can be converted into another asset. d. how likely people are to trade it internationally. e. its intrinsic value.
All of the following are methods of rationing goods EXCEPT
A) political power.
B) the profit motive.
C) first come, first served.
D) prices.