Constant returns to scale occur when the firm's long-run
a. total costs are constant as output increases.
b. average total costs are constant as output increases.
c. average cost curve is falling as output increases.
d. average cost curve is rising as output increases.
b
Economics
You might also like to view...
An increase in the money supply will immediately __________ the __________ interest rate, according to the "liquidity effect."
A) raise; natural B) raise; nominal C) lower; natural D) lower; nominal
Economics
By 2016, the U.S. trade deficit with China
A) had fallen to almost zero. B) was nearly $300 billion. C) had decreased to the same level of the early 2000s. D) had become a trade surplus.
Economics