An internal economy means that ________, while an external economy means that ________
A) firm costs fall as firm output increases, firm costs fall as industry output increases
B) firm costs fall as industry output increases, firm costs fall as firm output increases
C) firm costs fall as firm output increases, firm costs rise as industry output increases
D) firm costs fall as industry output increases, firm costs rise as firm output increases
A
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Which of the following is an example of speculative demand?
A. When the demand for housing increases, the demand for house insurance increases. B. When the actual price of housing increases, the quantity demanded of housing decreases. C. When the price of home ownership increases, the demand for rental housing increases. D. When the expected price of housing increases, the demand for housing increases.
The primary determinant of patterns of interregional trade is
A) accidents of history. B) resource allocations. C) factor abundance. D) weather. E) centralized optimization.