When Returns to Scale Are Constant, Long Run Marginal Cost

question 1

Multiple Choice

When returns to scale are constant, long run marginal cost is:

• A)horizontal.
• B)greater than long run average cost.
• C)less than long run average cost.
• D)equal to long run average cost.

Understand the concept of central tendency and its importance in statistics.

Learn how to calculate and interpret the mean, median, and mode.

Identify the different symbols and their meanings used in statistical calculations.

Grasp the impact of outliers on measures of central tendency.

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Definitions:

Frequency Distributions

Showcases how often each different value in a set of data occurs.

Normal Distributions

A distribution that resembles the shape of a bell, symmetrically centered around the average, indicating that values close to the mean are more commonly observed than those further away from the mean.

Skewed

Describes a distribution of data that is asymmetrical, where the bulk of the values lie on one side of the mean, either to the right (positive skew) or to the left (negative skew).

Frequency Distributions

An arrangement of data that outlines the number of times each unique value or range of values appears.