Long-Run Cost Curves Are U-Shaped Because

question 163

Multiple Choice

Long-run cost curves are U-shaped because

• A)of the law of demand.
• B)of the law of diminishing returns.
• C)of economies and diseconomies of scale.
• D)of the law of supply.

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Definitions:

Act Consequentialists

A branch of consequentialism focusing on the consequences of individual actions rather than general rules.

Moral Rules

Fundamental principles that govern behavior, considered right and essential by a culture or society, often reflecting shared values, ethics, and expectations for personal conduct.

Rule Consequentialism

An ethical theory that posits the morality of an action depends on the consequences of the rules that would be established by following or endorsing that action.

General Rules

Broad, overarching principles or guidelines that govern behavior or actions in various scenarios.