Learning economies differ from economies of scale because
A. the former involves rising average costs and the latter involves falling average costs as a result of higher output levels.
B. the former involves output in a single period of production and the latter involves cumulative output.
C. the first is a short-run phenomenon and the second is a long-run phenomenon.
D. the former involves cumulative production and the latter involves rate of production per period.
Answer: D
You might also like to view...
In the short run, a perfectly competitive firm ________ make an economic profit and ________ incur an economic loss
A) might; will never B) will never; might C) might; might D) will never; will never E) will definitely; will never
The relationship among interest rates on bonds that are otherwise similar but that have different maturities is known as the
A) term structure of interest rates. B) risk structure of interest rates. C) term premium. D) Treasury bond coupon.
Which of the following sayings best reflects the concept of opportunity cost?
a. "You can't teach an old dog new tricks." b. "Time is money." c. "I have a baker's dozen." d. "There's no business like show business."
Refer to the figure at right. Moving from point A to point B indicates