If a Firm Triples All of Its Inputs and Its

question 141

Multiple Choice

If a firm triples all of its inputs and its output doubles, it is said to be experiencing

• A)diminishing marginal returns
• B)increasing marginal returns
• C)diseconomies of scale
• D)economies of scale
• E)constant average costs

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Definitions:

Vicariously Liable

Vicariously liable means being held legally responsible for the actions of another person, such as an employer being liable for acts of their employees.

Inherently Dangerous

Activities or objects that carry a risk of harm or damage as a natural part of their existence or function.

Misrepresentation Liability

Legal accountability that arises when one party provides false information during a contract or negotiation, leading to harm or loss to another.

Vicarious Liability

A legal principle that holds an individual or entity responsible for the actions of another person, usually within the context of an employment relationship.