Which of the following is not a factor of production?

Price discrimination is

a. The practice of charging different prices to different individual buyers or customer groups b. The practice of differentiating the product to make demand less elastic c. The practice of deciding a single price to be charged to customers d. Always illegal

Which of the following causes average total cost to rise at high levels of output?

a. diminishing marginal product b. average fixed costs c. plant underutilization d. economies of scale