The total cost of producing one unit is $50. The total cost of producing two units is $75. At a production level of two units, the cost function exhibits
A) economies of scale.
B) rising average costs.
C) increasing marginal costs.
D) constant returns to scale.
A
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In allocating time between competing uses,
a. an individual will try to maximize marginal utility per hour spent on one activity b. time is considered a free good c. an individual will try to equate marginal utilities per hour spent on each activity d. time can be purchased for cash e. an individual will try to equate the marginal utilities derived from each activity
A decrease in the price level will
a. have no effect on aggregate demand b. decrease aggregate demand c. decrease aggregate expenditure d. decrease the equilibrium level of national income e. increase the equilibrium level of national income
The primary aluminum industry in the United States would be described by an economist as:
A. pure competition. B. oligopoly. C. pure monopoly. D. monopolistic competition.
The short run total cost of zero output is equal to
A. zero. B. variable cost plus fixed cost. C. variable cost. D. fixed cost.