________ occur when the average total cost falls as the quantity produced increases
A) Increasing marginal returns
B) Decreasing marginal returns
C) Economies of scale
D) Diseconomies of scale
C
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A sunk cost is
A) the cost for drilling certain types of wells, such as a well for water. B) a past cost that cannot be recovered. C) a cost that is highly relevant for decision-making. D) an opportunity cost.
If $1 = 96 Japanese yen on Wednesday and on Thursday $1 = 100 Japanese yen, then the dollar depreciated against the yen between Wednesday and Thursday
Indicate whether the statement is true or false
Firms in monopolistic competition have demand curves that are
A) horizontal.
B) vertical.
C) downward sloping.
D) upward sloping.
E) U-shaped.
In order for the price mechanism to work, we need
A. To have the government regulate each industry. B. Many competing firms in each industry. C. To have only a few firms in each industry. D. None of the choices are true.