If a Firm Experiences Economies of Scale,its Long-Run Average Cost

question 4

Multiple Choice

If a firm experiences economies of scale,its long-run average cost curve is

• A) a horizontal line.
• B) downward sloping.
• C) a vertical line.
• D) upward sloping.
• E) U-shaped.

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Definitions:

Baltes

Referring to Paul B. Baltes, a psychologist known for his work in the field of developmental psychology, especially related to aging and lifelong development.

Wisdom

The quality of having experience, knowledge, and good judgment; the quality of being wise.

Creativity

Ability to see situations in a new way, to produce innovations, or to discern previously unidentified problems and find novel solutions.

Procedural Memory

The type of long-term memory involved in the learning and retention of motor skills and actions.