When a Firm's Long-Run Average Cost Is Constant as Output

question 198

True/False

When a firm's long-run average cost is constant as output increases, the firm is experiencing constant returns to scale.

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Definitions:

Plane of Section

An imaginary flat surface that divides the body or an organ into different sections, used in anatomical descriptions and dissections.

Tarsal Region

Refers to the cluster of seven articulating bones in the foot located between the lower leg and the metatarsals.

Crural Region

Pertains to the leg, specifically the area from the knee to the ankle, encompassing the lower limb's anterior and posterior aspects.