Suppose Your Firm Is in a Range of Production Where

question 14

Multiple Choice

Suppose your firm is in a range of production where it is experiencing increasing returns to scale.Knowing this,we can predict that:

• A)the long-run average cost curve is upward-sloping
• B)the firm operates within a primary industry
• C)the method of production used is characterized by the repetition of exactly the same tasks
• D)production techniques may include the use of assembly lines
• E)the long-run average cost curve is horizontal

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Definitions:

Median

The middle value in a list of numbers, which divides the distribution into two equal halves.

Range

The difference between the highest and lowest scores in a dataset, showing the spread or dispersion of the values.

Frequency Polygons

Graphical representations of the distribution of data points, where frequencies are depicted by connecting midpoints of intervals.

Frequency Distributions

A statistical representation, often in the form of a table or graph, showing how often different values occur within a data set.