Economies of scale imply that within some range one can increase the size of operation and:
a. total cost will decrease.
b. fixed cost will decrease.
c. average total cost will decrease.
d. average total cost will increase.
e. average variable cost will decrease.
c
Economics
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Meredith receives a wage hike. If Meredith decides to work an extra hour
A) her reservation wage rate exceeds her value of marginal product. B) her opportunity cost of leisure is high. C) her substitution effect is greater than her income effect. D) she operates on the backward-bending portion of her labor supply curve.
Economics
Economic growth is represented on a production possibilities frontier model by the production possibilities frontier
A) becoming flatter. B) shifting inward. C) becoming steeper. D) shifting outward.
Economics