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:

Appeal

The process of seeking a higher court's review of a lower court's decision in hopes of reversing or modifying the judgment.

Jurisdiction

The official power to make legal decisions and judgments, often demarcated by geographical boundaries or types of cases.

Notify

To inform or give notice about something to someone.

Preliminary Verdict

An initial judgment or decision made before the final verdict, often in a legal context.