The Long-Run Average Cost of Producing 12 Units of Output

question 9

Multiple Choice

The long-run average cost of producing 12 units of output is $54; the long-run average cost of producing 13 units is $56. These numbers illustrate:

• A) economies of scale.
• B) diseconomies of scale.
• C) economies of scope.
• D) diminishing marginal productivity.

---

Definitions:

Conciliar Movement

A reform movement in the 14th and 15th century Catholic Church which held that supreme authority in the Church resided with an Ecumenical council, apart from, or even against, the pope.

Humanists

Thinkers and scholars of the Renaissance who focused on the study of classical antiquity and emphasized human values and potential.

Italian Influence

The impact of Italian culture, politics, and innovation on other countries, often referencing the Renaissance period and beyond.

Northern Renaissance

The Northern Renaissance refers to the period of cultural and intellectual growth in Northern Europe, particularly in the 15th and 16th centuries, characterized by a focus on realism and detail in art and literature.