Refer to the Following Graph

question 206

True/False

Refer to the following graph. Since the supply curve intersects the horizontal axis, all the points along the supply curve shown are inelastic.

---

Definitions:

Diseconomies of Scale

The phenomenon where production costs per unit increase as a firm or industry's output expands.

Output

The amount of something produced by a person, machine, or industry.

Total Cost

The aggregate of fixed and variable costs of production for a given level of output, encompassing all expenses needed to produce goods or services.

Produce

To create or manufacture goods and services for consumption using labor, materials, and machinery.