When Average Total Cost Rises If a Producer Either Increases

question 133

True/False

When average total cost rises if a producer either increases or decreases production, then the firm is said to be operating at efficient scale.

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Definitions:

Patent

Guarantee to an inventor exclusive rights to an invention for 17 years.

Economic System

The organized way a country allocates its resources and distributes goods and services to its citizens, including capitalism, socialism, and communism.

Major Industries

Key sectors of the economy which are significant in terms of their output, employment, or revenue generation.

Private Ownership

refers to properties or businesses owned by individuals or corporations rather than by the government or the public sector.