As Output Rises Unit by Unit, Costs ____ Relatively ____

question 101

Multiple Choice

As output rises unit by unit, costs ____ relatively ____ at first, but then ____ more ____.

• A) decrease; slowly; increase; rapidly
• B) decrease; quickly; increase; slowly
• C) rise; slowly; increase; rapidly
• D) rise; quickly; increase; slowly
• E) rise; quickly; increase; quickly

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Definitions:

Government Ownership

The scenario where the government owns and operates business enterprises, typically in key sectors like transportation or utilities.

Private Property

Refers to land, buildings, or possessions owned by individuals or entities and not by the government or public organizations.

Economic Systems

The structured and organized methods by which societies allocate resources, distribute goods and services, and manage economic activity.

Factors of Production

are the inputs necessary for the creation of goods and services, which typically include land, labor, capital, and entrepreneurship.