A Cost Function Has Economies of Scale If

question 32

Multiple Choice

A cost function has economies of scale if

• A)average fixed costs fall as production increases.
• B)total costs fall as production increases.
• C)the average total cost falls as production increases.
• D)it is less expensive to produce goods jointly rather than separately.

Analyze the legal implications of different methods of acceptance and the impact of technology on contract formation.

Assess the effects of fraud, mistake, duress, and undue influence on the validity of a contract.

Understand the concept of contractual capacity and lawful purpose within contract law.

Appreciate the significance of writing in contract formation and the exceptions to the requirement.

---

Definitions:

Revenues

The total amount of money received by a company for goods sold or services provided during a certain time period.

Inventory Turnover

A measure of how frequently a company sells and replaces its inventory over a certain period, indicating the efficiency of inventory management.

Total Assets

The cumulative value of all resources owned by an entity, including both current and non-current assets.

Steering Control

The mechanism or process by which a system's direction is guided or managed toward achieving specific goals or standards.