Economies of Scale Refer to the Range of Output Over

question 52

Multiple Choice

Economies of scale refer to the range of output over which

• A) marginal cost exceeds average cost.
• B) the long-run average cost falls as output increases.
• C) the marginal product of labor diminishes.
• D) the long-run average cost is less than the short-run average total cost.

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Definitions:

Authority

The power or right granted to an individual or organization to make decisions, enforce rules, and command obedience.

Authoritarian

Characterized by strict obedience to authority at the expense of personal freedom.

Goals and Policies

Objectives or targets that are aimed to be achieved, and the principles or rules that guide the actions to reach these goals.

Major Plans

Comprehensive strategies or sets of intentions designed to achieve significant goals or outcomes, usually requiring considerable resources and effort.