A Learning Curve Relates to and Is a Case of Returns

question 19

Multiple Choice

A learning curve relates to and is a case of returns.

• A)unit cost; cumulative production; dynamic decreasing
• B)output per time period; long- run marginal cost; dynamic decreasing
• C)unit cost; cumulative production; dynamic increasing
• D)labor productivity; education; increasing marginal
• E)output per time period; long- run marginal cost; dynamic increasing

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Definitions:

Opportunity Cost

The cost of foregone alternatives, the value of the best alternative given up when a decision is made to choose one option over another.

Ironing

the process of using a heated tool (iron) to remove wrinkles from fabric, typically garments, enhancing their appearance.

Suppliers

Individuals or businesses that provide goods or services to consumers, businesses, or other organizations.

Households

Units of residence in an economy that include all individuals who live together and make joint economic decisions.