Farmer Seth Has a Perfectly Flat Long- Run Average Total

question 80

Multiple Choice

Farmer Seth has a perfectly flat long- run average total cost curve over the range of output from 1,000 tonnes of wheat to 10,000 tonnes of wheat. Hence, over this range of output, Farmer Seth definitely experiences

• A) constant economies of scale.
• B) constant returns to scale.
• C) constant marginal returns.
• D) None of the above.

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Definitions:

Random Variable

A variable whose possible values are numerical outcomes of a random phenomenon or experiment.

Equal Length

A term often used in data visualization or statistical analysis to describe intervals, bars, or bins that all have the same size or duration.

Normal Probability Distribution

A continuous probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence.

Symmetry

A property where a shape or figure is identical on both sides of a dividing line or plane, indicating balance and proportion.