The Upward-Sloping Portion of a Long-Run Average Total Cost Curve

question 82

Multiple Choice

The upward-sloping portion of a long-run average total cost curve is the result of

• A) economies of scale.
• B) diseconomies of scale.
• C) diminishing returns.
• D) the existence of fixed resources.

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Definitions:

Household Incomes

The combined gross income of all members of a household who are 15 years old or older, including wages, salaries, pensions, and other sources.

SES

Social Economic Status; a measure of an individual's or group's economic and sociological standing, often based on income, education, and occupation.

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Significant Correlation

A statistics term indicating a strong association between two variables, suggesting that when one changes, the other is likely to change in a predictable way.