When Long-Run Average Cost Decreases as Output Increases, There Are

question 456

Multiple Choice

When long-run average cost decreases as output increases, there are definitely I. increasing marginal returns.
II) economies of scale.

• A) only I
• B) only II
• C) both I and II
• D) neither I nor II

Understand the factors affecting the elasticity of supply.

Identify the characteristics of goods that affect their price elasticity of demand.

Differentiate between the concepts of cross elasticity of demand and income elasticity of demand.

Recognize how the supply of unique items (such as rare art or antiques) behaves in economic terms.

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Definitions:

Temple of Aphaia

An ancient Greek temple located on the island of Aigina, dedicated to the goddess Aphaia, and notable for its Doric architecture.

Aegina

An island in the Saronic Gulf of Greece, famous for its ancient temple of Aphaia and its role in Greek history and mythology.

Monument Location

The specific place or site where a monument is situated, often chosen for its historical, cultural, or strategic significance.

Altar of Zeus

An ancient monument that once stood in Pergamon, an ancient Greek city, known for its frieze depicting the Gigantomachy from Greek mythology.