Long-Run Cost Curves Are U-Shaped Because

question 163

Multiple Choice

Long-run cost curves are U-shaped because

• A)of the law of demand.
• B)of the law of diminishing returns.
• C)of economies and diseconomies of scale.
• D)of the law of supply.

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Definitions:

99.9997%

A statistical figure often associated with the Six Sigma quality control methodology, indicating a defect-free rate in a process.

Incremental Change

signifies a gradual, step-by-step approach to change, emphasizing evolutionary rather than revolutionary shifts.

Discontinuous Change

A significant, sudden, or radical transformation that disrupts the existing order or manner of functioning within a system or organization.

Strategic Change

A systematic approach to transforming an organization's goals, processes, or technologies to address evolving external and internal forces and improve its performance and competitiveness.