Economies of Scale Refer to the Range of Output Over

question 437

Multiple Choice

Economies of scale refer to the range of output over which

• A) marginal cost exceeds average cost.
• B) the long-run average cost falls as output increases.
• C) the marginal product of labor diminishes.
• D) the long-run average cost is lower than the short-run average total cost.

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Definitions:

Simple Fruits

Fruits that develop from a single ovary of one flower and can be either fleshy, like cherries and tomatoes, or dry, like nuts and grains.

Seed Coat

The protective outer layer of a seed, which encases the embryonic plant and its nutrient store.

Endosperm

The nutrient-rich tissue inside seeds that provides nourishment to the developing plant embryo.

Embryo

An early stage of development in multicellular organisms after fertilization but before birth or hatching.