The Total Cost of Producing One Unit Is $50

question 98

Multiple Choice

The total cost of producing one unit is $50.The total cost of producing two units is $75.At a production level of two units,the cost function exhibits

• A) economies of scale.
• B) rising average costs.
• C) increasing marginal costs.
• D) constant returns to scale.

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Definitions:

Erik Erikson's Theory

A developmental theory that outlines eight stages of psychosocial development from infancy to old age, emphasizing the impact of social experience across the lifespan.

Elementary School-age

Refers to children typically between the ages of 5 and 11, who are in the developmental stage attending primary or elementary education.

Inferiority

A feeling of being less than others, often reflecting a lack of self-esteem or confidence.

Industry

The economic activity concerned with the processing of raw materials and manufacturing of goods in factories, also referred to as a sector of the economy.