Which of the Following Best Describes Economies of Scale

question 47

Multiple Choice

Which of the following best describes economies of scale?

• A) They refer to the increase in output that results from the increased utilization of a single input.
• B) They pertain to the long run only.
• C) They imply that the average total cost curve will fall continuously as output increases in the short run.
• D) They are the result of a diminishing marginal product.

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Definitions:

Deserving Poor

Individuals or groups seen as worthy of aid or charity due to their inability to work, often because of circumstances beyond their control.

Diversity

The inclusion of individuals representing more than one national origin, color, religion, socioeconomic stratum, sexual orientation, etc.

Clayton Act

A U.S. antitrust law enacted to prohibit certain actions that could lead to anticompetitive practices, thereby enhancing economic fairness and competition.

Sherman Act

A foundational antitrust law in the United States that outlaws monopolistic business practices and promotes competition.