When There Are Economies of Scale in Production, _____

question 11

Multiple Choice

When there are economies of scale in production, _____.

• A)long-run average total cost decreases as output expands
• B)long-run average total cost increases as output expands
• C)marginal cost increases as output expands
• D)the marginal product of an input diminishes with increased utilization
• E)social marginal cost declines as the level of output increases

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Definitions:

Historical Management

The study of the evolution of management theories, practices, and principles through time.

Contemporary Managers

Modern-day leaders who are responsible for planning, directing, and overseeing operations within an organization.

Henri Fayol

A French mining engineer and management theorist known for developing a general theory of business administration and for his 14 Principles of Management.

Mary Parker Follett

A pioneering theorist in the field of organizational behavior and management, who emphasized the importance of democratic leadership and people-centric management practices.