-The Long-Run Average Cost Curve May Initially Slope Downward Due

question 34

Multiple Choice

-The long-run average cost curve may initially slope downward due to

• A) decreasing average fixed costs.
• B) increasing marginal returns.
• C) economies of scale.
• D) All of the above.

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Definitions:

Sensation Seeking

A personality trait characterized by the search for experiences and feelings that are varied, novel, complex, and intense, and by the readiness to take physical, social, legal, and financial risks for the sake of such experiences.

Decline With Age

Refers to the natural decrease in physical, cognitive, and functional abilities as individuals become older.

Sensation Seeking

A personality trait characterized by a preference for experiences that are varied, novel, complex, and intense, and the willingness to take physical, social, legal, and financial risks for the sake of such experiences.

Novel Sensations

Experiences that are new, unusual, or different, often sought for the pleasure or excitement they bring.