Economies of Scale Refer to

question 87

Multiple Choice

Economies of scale refer to

• A)the minimum point on the short-run average total cost curve.
• B)the flat portion of the long-run average total cost curve.
• C)a decrease in the long-run average total cost of production as output increases.
• D)a and b
• E)none of the above

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Definitions:

Quadrupled

To increase or be increased fourfold.

Misery Index

An economic indicator that adds the unemployment rate to the inflation rate, purportedly to measure the health of an economy and the discomfort it may cause its citizens.

Rapidly

Describes something happening in a fast or quick manner.

Unemployment Rate

The concentration of individuals in the labor force who are jobless yet pursuing employment.