When the average cost per unit falls as the number of units produced? rises, it is known as which of the? following?
Answer: Economies of scale
You might also like to view...
Use the following figure to answer the next question. 
Total fixed cost at output level Q2 is measured by the vertical distance
A. 0C. B. DE. C. AD. D. CD.
As the price of milk increases, producers are normally willing to supply greater quantities. This is known as the law of
a. demand b. gravity c. variable proportions d. profitability e. supply
Assume that potential GDP is $200 billion and the multiplier equals 5 . The recessionary gap is $10 billion. What is the actual level of equilibrium income?
a. $200 billion b. $150 billion c. $100 billion d. $80 billion e. $50 billion
Refer to the production possibilities curve. At the onset of the Second World War, the Soviet Union was already at full employment. Its economic adjustment from peacetime to wartime can best be described by the movement from point:
A. c to point b.
B. b to point c.
C. a to point b.
D. c to point d.