When the number of mega-producers of hobs that operated at a lower average cost than smaller producers rose, the number of hogs slaughtered rose to record levels. What economic concept does this describe?
A. Indivisible setup costs
B. Economies of scope
C. Minimum efficient production
D. Economies of scale
Answer: D
Economics
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Refer to the graph shown. A quantity restriction of QR will:
A. lower market price to P2. B. maintain a market price of P1. C. raise market price to P0. D. have no effect in the market depicted.
Economics
Sue is maximizing her utility. Her MUx/Px = 10 and MUy = 40. Then the price of Y must be
A. $1. B. $4. C. $10. D. $40.
Economics