Below Is Short-Run Cost Data for Four Different Plant Sizes

question 26

Multiple Choice

Below is short-run cost data for four different plant sizes.Plant 2 has exactly twice as many inputs as does Plant 1.Plant 3 has exactly three times as many inputs as does Plant 1 and Plant 4 has exactly four times as many inputs as does Plant 1.

-Refer to the information above to answer this question.Which of the following should the firm consider doing if it is currently producing an output of 40 using Plant 2?

• A)Build Plant 3 only.
• B)Build Plant 4 only.
• C)Build Plant 3 or 4.
• D)Scale down its plant size.

Identify the neural pathways involved in sympathetic and parasympathetic responses.

Explain how neurotransmitter receptors impact physiological responses.

Understand the structure and significance of case reporters and legal citations.

Comprehend the roles and implications of different types of judicial opinions (majority, dissenting, concurring, unanimous).

---

Definitions:

Long-run Equilibrium

A state in economics where all factors of production are fully adjustable, and markets or industries have adjusted to their optimal production levels and prices.

Competitive Price-searcher Market

A market in which firms have some degree of market power and can determine their prices, often through differentiation and searching for competitive advantages.

Average Total Cost

The total cost of production divided by the number of units produced, reflecting the cost per unit.

Competitive Price-searcher Firm

A company that sets its own prices based on its products, costs, and the competitive environment, rather than taking the market price as given.