Economies of Scale Refer to

question 59

Multiple Choice

Economies of scale refer to

• A) a feature of short- run production functions but not long- run production functions.
• B) the point at which marginal cost equals average cost.
• C) the fact that, in the long run, fixed costs remain constant as output increases.
• D) the range of output over which the long- run average cost falls as output increases.

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Definitions:

Projection

Projection is the assignment of personal attributes to other individuals.

Gender Stereotyping

The practice of ascribing to individuals specific attributes, characteristics, or roles based solely on their gender.

Selective Perception

A cognitive process where individuals interpret and focus on specific stimuli while ignoring others, based on their interests, backgrounds, and attitudes.

Halo Effect

A cognitive bias where an individual's overall impression of a person, brand, or product influences their feelings and thoughts about that entity's character or properties.