When a firm is experiencing economies of scale, it will:
a. underuse a larger plant size than is indicated by short-run efficiency concerns.
b. underuse a smaller plant than is indicated by short-run efficiency concerns.
c. overuse a larger plant size than is indicated by short-run efficiency concerns.
d. overuse a smaller plant size than is indicated by short-run efficiency concerns.
e. produce at the minimum short-run and long-run average costs.
a
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In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs
Indicate whether the statement is true or false
What is a standard process used to determine fair market value of a property?
A) the comparable sales method B) just compensation C) eminent domain D) the equitable transactions cost method