In What Part of the City of Lepcis Magna Was

question 25

Multiple Choice

In what part of the city of Lepcis Magna was the Arch of Septimius Severus placed?

• A) at the entrance to the city from the harbor
• B) at the highest point of the city
• C) at the junction of the cardo and decumanus
• D) at the entrance to the forum

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Definitions:

Long-run Marginal Cost

The change in total cost when producing one additional unit of a product or service in the long term, where all inputs are considered variable.

Economies of Scale

Enterprises gain cost benefits from their operation size, as the cost for each unit produced typically drops when the scale enlarges because fixed expenses are distributed across a greater number of output units.

Efficient Scale

The level of production at which a firm can produce its product at the lowest average cost per unit.

Economies of Scale

Economies of scale describe the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.