In the above figure, the long-run cost curve between points C and D illustrates
A. diseconomies of scale.
B. diminishing marginal product.
C. constant returns to scale.
D. economies of scale.
Answer: C
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Brett buys a new cell phone for $100. He receives consumer surplus of $80 from the purchase. How much does Brett value his cell phone?
A) $180 B) $100 C) $80 D) $20
Does education increase economic growth? Explain your answer
What will be an ideal response?
Price-matching strategies may fail to enhance profits when:
A. firms cannot prevent customers from making deceptive claims or firms have different marginal costs. B. firms cannot prevent customers from making deceptive claims. C. firms have different marginal costs. D. None of the statements are correct.
Which of the following is NOT a service?
A) physical labor purchased by a producer B) things purchased by a consumer that do not have physical characteristics C) a diamond used in an engagement ring D) tasks performed by someone else