If a Firm Doubles Its Output in the Long Run

question 370

Multiple Choice

If a firm doubles its output in the long run and its unit costs of production decline, we can conclude that

• A)technological progress has occurred.
• B)economies of scale are being realized.
• C)the firm is encountering diminishing returns.
• D)diseconomies of scale are being encountered.

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Definitions:

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The influence that individuals exert on one another's behavior, choices, or performance in a social or work setting, often within similar age or professional groups.

Glee Club

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Entertainment venues where individuals sing along to songs using a microphone and a public address system, often featuring instrumental accompaniments.

Positive Statement

An objective statement based on empirical facts, which can be tested as true or false.