Farmer Seth has a perfectly flat long-run average total cost curve over the range of output from 10,000 bushels of wheat to 100,000 bushels of wheat. Hence, over this range of output, Farmer Seth definitely experiences
A) constant marginal returns.
B) constant returns to scale.
C) constant economies of scale.
D) none of the above.
B
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Explicit costs are measured in dollars
Indicate whether the statement is true or false
The problem of vesting and funding are avoided by __________ pension plans
A) both defined benefit and defined contribution B) defined benefit C) defined contribution D) neither defined benefit nor defined contribution
If a student achieves a high SAT score, this
A) sends a signal to a college that the applicant will be a good college student. B) does not act as a screening device. C) is a moral hazard. D) provides a college with no information.
Structural unemployment may be particularly severe for
a. younger workers b. college graduates. c. older workers. d. workers with "high tech" skills.