If in some production range average cost is rising, the firm is experiencing
A. increasing returns to scale.
B. decreasing returns to scale.
C. constant returns to scale.
D. increasing costs per unit of output.
Answer: B
Economics
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The elasticity of supply measures the sensitivity of
A) supply to changes in costs. B) quantity supplied to quantity demanded. C) quantity supplied to a change in price. D) price to changes in supply.
Economics
Which of the following nations had the largest share of exports as a percentage of its GDP in 2012?
A. Italy B. Japan C. Belgium D. The United States
Economics