Kerry Is 6 Years Old, and When She Adds Numbers

question 37

Multiple Choice

Kerry is 6 years old, and when she adds numbers together she uses the sum strategy.Her older brother shows her the min strategy, and Kerry can see that this is a better strategy that will be much faster.The fact that Kerry didn't use the min strategy until her brother showed her how illustrates what type of deficiency?

• A)operational
• B)production
• C)utilization
• D)mediation

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Definitions:

Fixed Input(s)

Factors of production, such as land or machinery, that cannot be adjusted in the short term.

Short Run

A time period during which at least one input is fixed and cannot be adjusted by a firm.

Diseconomies Of Scale

Occur when a company grows so large that the costs per unit increase. It is the opposite of economies of scale.

Long-Run Average Total Cost Curve

A graphical representation showing the lowest possible cost at which any given level of output can be produced in the long run.