Refer to the provided graphs. They show the long-run average total cost (LRATC) for a product. For which graph would a firm experience first economies and then diseconomies of scale over its range of output?
Definitions:
Call Option
A financial contract giving the buyer the right, but not the obligation, to buy an asset at a specified price within a particular time period.
Out-Of-The-Money
A term used to describe an option contract that would not result in a profit if exercised at the current market level.
Convertible Bond
A type of bond that can be converted into a predetermined amount of the company's equity, usually at the option of the bondholder.
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