If Economies of Scale Exist for a Particular Production Relationship

question 218

Multiple Choice

If economies of scale exist for a particular production relationship, long-run average costs will

• A)rise.
• B)fall.
• C)first rise and then fall.
• D)be unaffected since there is no direct relationship between the two.

Understand the application of exchange theory to social interaction and relationships.

Learn about dramaturgical analysis and its application to understanding social behavior.

Identify and explain the process of social interaction and its significance.

Recognize the mechanisms that help maintain social interactions, such as cooperation and competition.

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Definitions:

Qualitative

Pertaining to descriptions or distinctions based on some quality or characteristic rather than on some quantity or measured value.

Numerical Terms

Mathematical expressions or figures used to describe quantity, order, or relationships between amounts in data or calculations.

Sensitive

Quick to detect or respond to slight changes, signals, or influences.

Sunk Cost

A cost that has already been incurred and cannot be recovered.