Economies of Scale Exist as a Firm Increases Its Size

question 17

Multiple Choice

Economies of scale exist as a firm increases its size in the long run because of all of the following except

• A)the firm can afford more sophisticated technology in production.
• B)labour and management can specialise even further in their tasks.
• C)as a larger input buyer, the firm can purchase inputs at a lower per unit cost.
• D)as a firm expands its production, its profit margin per unit of output increases.

Differentiate between various genetic and environmental influences on personality and physical traits.

Understand the process and importance of gene expression.

Identify the role of chromosomes in genetic inheritance and their location within the cell.

Comprehend the nature versus nurture debate and the concept of behavior genetics.

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Definitions:

Accounts Payable

Short-term liabilities representing the amount a company owes to suppliers or creditors for goods and services received but not yet paid for.

Accounts Receivable

Outstanding payments from customers to a firm for delivered goods or services awaiting payment.

Service Revenue

Represents the income earned by a company from its business activities, such as the sale of services, before any expenses are deducted.

Fair Market Value

The price at which an asset would trade in a competitive auction setting.