Economies of Scale Imply That Within Some Range One Can

question 83

Multiple Choice

Economies of scale imply that within some range one can increase the size of operation and:

• A) total cost will decrease.
• B) fixed cost will decrease.
• C) average total cost will decrease.
• D) average total cost will increase.
• E) average variable cost will decrease.

Understand the objective standard of intent vs the subjective standard of intent in contract enforcement.

Comprehend how offers, invitations to offer, and bids work in the contract formation process.

Know the requirements for a valid offer including present intent, definiteness, and communication.

Recognize the impact of offeror's and offeree's actions (including death) on the offer’s validity.

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Definitions:

Suspended Sediment

Particles of soil or minerals that are carried by water and remain floating in the column rather than sinking to the bottom.

Northeastern Australia

A region of Australia located in the northeast part of the continent, known for its diverse ecosystems, including the Great Barrier Reef.

Caribbean

A region consisting of the Caribbean Sea, its islands, and the surrounding coasts, known for its diverse ecosystem.

Red Sea

A seawater inlet of the Indian Ocean, lying between Africa and Asia, known for its unique marine life and extensive coral reefs.