When the Long-Run Average Total Cost Curve Is Downward-Sloping as Output

question 305

True/False

When the long-run average total cost curve is downward-sloping as output increases,the firm has diseconomies of scale.

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Ratification

Ratification is the act of officially approving an agreement or contract, making it valid, or the process of confirming and accepting unauthorized actions by an agent on behalf of a principal.

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The power given explicitly to an agent or representative by a principal, through verbal instructions or written documentation.

Implied Authority

Indicates the power or permission granted through actions or circumstances, not explicitly outlined in a contract or verbal agreement.

Apparent Authority

The impression given by an agent that they have been given the power to act on behalf of a principal, whether or not they actually have this authority.