Long-Run Cost Curves Are U-Shaped Because

question 163

Multiple Choice

Long-run cost curves are U-shaped because

• A)of the law of demand.
• B)of the law of diminishing returns.
• C)of economies and diseconomies of scale.
• D)of the law of supply.

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Definitions:

Centers

Locations or points that are central within a larger area, often serving as focal points for activities or distribution.

Histogram

A graphical representation of the distribution of numerical data, where the data is grouped into bins or intervals.

Peaks

Points of maximum value or height in a distribution or dataset.

Interval Data

Data with meaningful amounts of difference between measurements but no true zero point, allowing for numerical operations like addition and subtraction.