At a Particular Output Level, If a Firm's Long- Run

question 77

Multiple Choice

At a particular output level, if a firm's long- run marginal cost is $12 and its long- run average cost is $8, the firm is likely to be experiencing _________.

• A)economies of scale
• B)constant returns to scale
• C)diseconomies of scale
• D)sunk costs

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Definitions:

Voir Dire

A legal process where lawyers select, or perhaps more importantly, reject certain jurors before a trial begins.

Peremptory Challenge

A right in jury selection for the attorneys to reject a certain number of potential jurors without stating a reason.

Authoritarian Personality

A pattern of cross-situational attitudes and behaviors that reflects conventional values, respect for authority figures, and a desire to punish others who defy authority

Conventional Values

Widely accepted societal norms and moral principles that guide behavior and judgments.