Economies of scale:
a. are the result of a diminishing marginal product
b. pertain to the long run only.
c. refer to the increase in output that results from the increased utilization of a single input.
d. imply that the average total cost curve will fall continuously as output increases in the short run.
b
Economics
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The above figure shows the U.S. market for wheat. Without international trade, producer surplus is equal to ________
A) area B + area C + area E + area F B) area A C) area B + area C +area D + area E + area F D) area E + area F E) area A + area B + area C + area D
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WTO talks in the late 1990s led to openings in both financial services and telecommunications
Indicate whether the statement is true or false
Economics