When there are increasing returns to scale, average costs must be:
a. falling.
b. rising.
c. constant.
d. falling, then rising.
Answer: a. falling.
Economics
You might also like to view...
The "fooling" model was developed by economist
A) Milton Friedman. B) Edward Prescott. C) Robert Lucas, Jr. D) John Maynard Keynes. E) Charles Bogle.
Economics
Human capital is the equipment and machinery used directly by workers
a. True b. False
Economics
All of the following are primary uses of CFCs, EXCEPT
a. refrigeration b. aerosol propellants c. insulation d. fuel octane boosters
Economics
The amount of reserves remaining after reserve requirements have been satisfied is called
A. the required reserve ratio. B. legal reserves. C. federal reserves. D. excess reserves.
Economics