Reductions in Minimum Average Costs That Come About Through Increases

question 41

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.

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Definitions:

Geologists

Scientists who study the Earth, its materials, and the processes by which it is formed and changed, providing insights into the planet's history.

James Hutton

James Hutton is known as the father of modern geology for his work in the late 18th century that introduced the concept of deep time and the principle that the earth is shaped by ongoing processes.

Charles Lyell

A 19th-century geologist known for his contributions to the principles of geology and the concept that the Earth was shaped by slow-moving forces still in operation today.

Descent with Modification

A core principle of evolutionary biology indicating that species change over time, giving rise to new species, while sharing a common ancestor.