Fiscally Conservative Democrats Who Are Mostly from the South And/or

question 10

Multiple Choice

Fiscally conservative Democrats who are mostly from the South and/or rural parts of the United States are called ________.

• A)Democrats in Name Only (DINOs)
• B)Blue Dog Democrats
• C)Red Dog Democrats
• D)Republicans in Sheeps' Clothing
• E)Independents

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Definitions:

Long-run Average Total Cost

The average cost per unit of output when all inputs, including capital, are variable, analyzed over a period when all factors of production can be adjusted.

Economies of Scale

The cost advantage that arises with increased output of a product, resulting in a decrease in the per-unit cost as the scale of production is enlarged.

Long-run Total Costs

The aggregate sum of all production costs for a company when all input factors are variable, analyzed over a prolonged period.

Economies of Scale

The cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.