Refer to the Graph Shown

question 113

Multiple Choice

Refer to the graph shown. The output range in region c is associated with:

• A) diminishing marginal productivity.
• B) constant returns to scale.
• C) economies of scale.
• D) diseconomies of scale.

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Definitions:

Gratuitous Agent

An individual who acts on behalf of another without receiving any compensation or benefit for their services.

Making a Contract

The process of creating a legally binding agreement between parties, involving offer, acceptance, and consideration.

Family Business

A commercial organization in which decision-making is influenced by multiple generations of a family related by blood or marriage.

Minor

A minor is a person who is under the age of legal majority, and thus is considered incapable of certain legal decisions and responsibilities.