If Production Displays Economies of Scale, the Long-Run Average Cost

question 104

Multiple Choice

If production displays economies of scale, the long-run average cost curve is

• A)above the short-run average total cost curve.
• B)downward sloping.
• C)upward sloping.
• D)below the long-run marginal cost curve.

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Definitions:

Collectivist

Pertaining to cultures or societies that prioritize group goals over individual ones, emphasizing community, cooperation, and interdependence.

Individualistic

A cultural or personal orientation that emphasizes independence, self-reliance, and the priority of individual goals over group objectives.

Power Distance

A cultural dimension that describes the extent to which individuals in a society accept that power in institutions and organizations is distributed unequally.

Cultural Differences

Variations in the values, beliefs, practices, and rituals among groups of people from different backgrounds.