Does It Make Sense to Consider the Returns to Scale

question 20

Multiple Choice

Does it make sense to consider the returns to scale of a production function in the short run?

• A) Yes, this is an important short-run characteristic of production functions.
• B) Yes, returns to scale determine the diminishing marginal returns of the inputs.
• C) No, returns to scale is a property of the consumer's utility function.
• D) No, we cannot change all of the production inputs in the short run.

Identify conditions under which firms in monopolistic competition can earn profits in the short run but break even in the long run.

Understand strategic considerations in different market structures including monopolistic competition and oligopoly.

Understand the roles of neurotransmitters acetylcholine, epinephrine, and norepinephrine in the nervous system.

Differentiate between the anatomical structures and physiological functions of the sympathetic and parasympathetic divisions of the autonomic nervous system.

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Definitions:

Otomycosis

A fungal infection of the ear, commonly affecting the external auditory canal, caused by various fungal species.

Otosclerosis

A hereditary disorder causing progressive deafness due to the overgrowth of bone in the inner ear.

Otopyorrhea

The discharge of pus from the ear, often a sign of an ear infection.

Semicircular Canals

Three fluid-filled loops in the inner ear that are involved in maintaining balance.