Figure 14-1 -Refer to Figure 14-1.The Shape of the Average Total Cost

question 291

Multiple Choice

Figure 14-1
-Refer to Figure 14-1.The shape of the average total cost curve in the figure suggests an opportunity for a profit-maximizing monopolist to take advantage of

• A) economies of scale.
• B) diseconomies of scale.
• C) diminishing marginal product.
• D) increasing marginal cost.

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Definitions:

Nature

The phenomena of the physical world collectively, including plants, animals, the landscape, and other features and products of the earth, as opposed to humans or human creations.

Nurture

The process of caring for and encouraging the growth or development of someone or something.

Identical Human Twins

Twins who develop from a single fertilized egg that splits and forms two embryos, sharing the same genetic material.

Heterozygous

A genetic condition where an organism has two different alleles of a gene, one inherited from each parent.