Economies of scale imply that within some range one can increase the size of operation and:
A. total cost will decrease.
B. fixed cost will decrease.
C. average total cost will decrease.
D. average total cost will increase.
Answer: C
You might also like to view...
For a given future amount of money, its present value with be lower if ______________
Fill in the blank(s) with the appropriate word(s)
"I'm tired of eating muffins for breakfast. Today, I'm trying a bagel." These statements most clearly reflect the:
a. law of increasing returns to scale. b. second law of demand. c. law of diminishing marginal utility. d. law of comparative advantage.
Cost pull inflation occurs when the:
A. price of a key input increases suddenly. B. price level changes in response to changes in the business cycle. C. price of necessity goods increases suddenly. D. business cycle becomes sporadic and unpredictable.
If the government owes $10.0 trillion and then borrows $700 billion more this year, this leads to
What will be an ideal response?