In the long run a company that produces and sells popcorn incurs total costs of $1,050 when output is 90 canisters and $1,200 when output is 120 canisters. The popcorn company exhibits
a. diseconomies of scale because total cost is rising as output rises.
b. diseconomies of scale because average total cost is rising as output rises.
c. economies of scale because total cost is rising as output rises.
d. economies of scale because average total cost is falling as output rises.
d
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Roughly how large is the difference between U.S. GDP and U.S. GNP?
A) Less than 0.1% B) About 10% C) About 20% D) About 25% E) About 55%
As Sean's consumption of rice goes up, his
A) average utility from consuming rice increases. B) total utility from consuming rice increases. C) marginal utility from consuming rice increases. D) elasticity of utility from consuming rice increases.
In the simple Keynesian model, if output exceeds aggregate expenditures,
a. there will be no response from businesses. b. inventories will decrease and businesses will increase output. c. inventories will increase and businesses will increase output. d. inventories will increase and businesses will decrease output.
The decreasing portion of a firm's long run average cost curve is attributable to:
A. diminishing returns to scale. B. increasing marginal cost. C. economies of scale. D. diseconomies of scale.