When a firm is experiencing economies of scale:
A. Minimum efficient scale has been achieved
B. Long-run average total cost is decreasing
C. An increase in output is accompanied by a more-than-proportionate increase in long-run total cost
D. A given percentage increase in output requires a more-than-proportionate increase in resources
B. Long-run average total cost is decreasing
Economics
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Refer to Figure 2-12. What is the opportunity cost of producing one gallon of honey in Bora Bora?
A) 2/3 of a gallon of milk B) 0.9 gallons of milk C) 1 1/3 gallons of milk D) 1.5 gallons of milk
Economics
For those nations who fixed their currencies' exchange rates to the U.S. dollar, the rise of the dollar during the 90's was very good news,
a. True b. False Indicate whether the statement is true or false
Economics