If the Minimum Efficient Scale in Rough Diamond Mining Is

question 149

Multiple Choice

If the minimum efficient scale in rough diamond mining is 30,000 diamonds per year,

• A) The average cost of mining 2,000 diamonds is equal to the average cost of mining 30,000 diamonds
• B) The average cost of mining 2,000 diamonds is greater than the average cost of mining 30,000 diamonds
• C) The total cost of mining 2,000 diamonds is greater than the total cost of mining 30,000 diamonds
• D) The firm should not produce more than 30,000 diamonds
• E) Marginal cost exceeds average cost at 30,000 diamonds

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Definitions:

Accurate

The quality of being correct, precise, or exact in measurement, decision, or representation.

Optical Illusions

Visual perceptions that differ from reality, created by discrepancies in the brain's processing of visual information.

Hypnotized

The state of being under a form of psychological suggestion or trance, often used for therapeutic purposes.

American Medical Association

A professional association for physicians in the United States aimed at promoting the art and science of medicine and the betterment of public health.