Question: _______ is a condition in which the long-run average total cost of production decreases as production increases. Multiple choice question. Productive efficiency Efficiency of scale

_______ is a condition in which the long-run average total cost of production decreases as production increases. Multiple choice question. Productive efficiency Efficiency of scale Economies of scale Allocative efficiency

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

A condition in which the long-run average total cost of production remains constant as production increases is called: Multiple choice question. minimum-efficiency scale. economies of scale. constant...

AP Microeconomics Production, Cost, and the Perfect Competition ModelModule 3 Note Guide Termsdefine each in your own way. Accounting profit: Allocative efficiency: Average cost: Average product:...

All questions should be well explained 47. Several months ago, an investor sold 100 units of a one-year European call option on a nondividend-paying stock. She immediately delta-hedged the commitment...

Hi, Can someone please help with these questions? I'm so confused. Please label the number of the question next to the answer and I need the answers to these questions in less than an hour please...

1.(1) Market failure O Occurs whenever the government intervenes in the market mechanism. O Occurs whenever the government pursues laissez-faire policies. O Occurs whenever an imperfection in the...

Question and Exercise 1 2 - 1 1 Where along the long - run average total cost curve will an efficient firm try to produce in the long run? multiple choice When there are constant returns to scale...

Question 1 (1 point) At a product price of "0h", this firm would maximize profit by producing at an output of a "0n" b "0p" c "0r" d "0s" e "0t" Question 2 (1 point) Because the perfectly competitive...

A firm's marginal cost is greater than its marginal revenue. The price is higher than the average total cost. Based on this, which of the following statements is true? (1 point) An increase in output...

File Tools View econ . Saved to this PC v X Question 1 (1 point) Because the perfectly competitive firm is a price-taker, its demand curve is downward-sloping Price MC b MRS horizontal ATC AVC - MR....

Greg Peterson has recently been appointed vice president of operations for Webster Corporation. Greg has a manufacturing background and previously served as operations manager of Websters Tractor...

Mimi Couturier is a design company that specializes informalwear for women. The company's fashion innovators usecomputer-assisted design software to create what they think womenshould wear. The...

Project Choice, Risk, and the Cost of Capital Conceptual Overview: Explore how the trade-off between risk and the cost of capital can be used to choose a project. The line represents WACC, the...

When considering a controllable cost versus a noncontrollable cost, the term noncontrollable:

1. To provide insight into how setting an overly narrow boundary can give a mes-sage a specific meaning, while setting a wider boundary can give a completely different meaning.

12. What is meant by the statement, often we do not know what the real problem is until we look at its possible consequences or solutions?.

9. What is meant by the statements: a) Experiences are different from what is experienced. b) The description is different from what is described.