Economies of Scale Occur When ______

question 58

Multiple Choice

Economies of scale occur when ______.

• A)production is greater than demand
• B)not enough is demanded at a given price
• C)the cost per unit of output decreases as the volume of output increases
• D)the total cost declines as the volume of output increases

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Definitions:

Mean

The average of a set of numerical values, calculated by adding all the figures together and then dividing by the number of values.

Population Standard Deviation

Square root of the population variance that represents the average deviation of a score from the population mean.

Confidence Interval

Re-formulated: An estimate expressing the degree of uncertainty or certainty in a sampling method.

Mean

The average of a set of numbers, calculated by dividing the sum of these numbers by the count of numbers.