Returns to Specialization Can Occur When

question 35

Multiple Choice

Returns to specialization can occur when

• A)increasing the amount of labor allows workers to specialize.
• B)the exponents of the Cobb-Douglas production function are greater than 1.
• C)a firm doubles its inputs.
• D)the average cost curve is above the marginal costs curve.

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Definitions:

Variable

A quantity or element that can change or be changed within a mathematical formula, experiment, or model.

Multi-channel Capabilities

The ability of a business to interact with its customers through multiple channels, such as physical locations, online, and over the phone, in a cohesive and integrated manner.

Online Ordering

The method of purchasing goods or services via the internet.

Omni-channel Strategy

A multi-channel approach to sales that seeks to provide customers with a seamless shopping experience, whether they are shopping online from a mobile device, a laptop, or in a brick-and-mortar store.