When You Enter a Fast Food Restaurant,you Are Expected to Stand

question 1

Multiple Choice

When you enter a fast food restaurant,you are expected to stand in line and wait your turn to order.This is an example of a

• A)norm.
• B)value.
• C)role.
• D)dyad.

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Definitions:

Economies of Scale

Reduction in per unit cost as the volume of production increases, due to factors like bulk purchasing and efficient use of resources.

Technological Change

The overall process of invention, innovation, and diffusion of technology or processes.

Returns to Scale

The rate at which output increases in response to proportional increases in all inputs or resources, reflecting the production efficiency of a firm.

Long-Run Average Total Cost

The per unit cost of production in the long run, where all inputs, including capital, are variable.