Reductions in Minimum Average Costs That Come About Through Increases

question 106

Multiple Choice

Reductions in minimum average costs that come about through increases in the size of plants and equipment are called

• A)Barriers to entry.
• B)Economies to monopoly power.
• C)Economies of scale.
• D)Diseconomies of entry.

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Definitions:

U.S. Oil Supply

The total quantity of oil available for use or consumption in the United States, coming from domestic production and imports.

Sustainable Forests

Sustainable forests are managed with the aim of maintaining their biodiversity, productivity, and regeneration capacity for future generations without causing damage to other ecosystems.

Deforestation

The removal of a forest or stand of trees where the land is thereafter converted to a non-forest use.

Economic Growth

An increase in a country's production of goods and services over a period, often measured by the rise in its Gross Domestic Product (GDP).