Suppose a Firm Doubles Its Output in the Long Run

question 26

Multiple Choice

Suppose a firm doubles its output in the long run. At the same time the unit cost of production remains unchanged. We can conclude that the firm is

• A) exploiting the economies of scale available to it.
• B) facing constant returns to scale.
• C) facing diseconomies of scale.
• D) not using the available technology efficiently.

Analyze the impact of social networks on brand marketing and consumer engagement.

Recognize the significance of content curation and secondary content in social media.

Understand various characteristics of fandom and identify examples in media.

Comprehend the role and impact of advertisements in social media contexts.

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Definitions:

Declaration

A formal or explicit statement or announcement.

Consideration

Generally, the value given in return for a promise or a performance. The consideration, which must be present to make the contract legally binding, must be something of legally sufficient value and must be bargained for.

Objective Theory

A principle that states the intention of parties in a contract is determined by their outward expressions and acts, rather than by their subjective intentions.

Subjective Fact

A statement or idea based on personal opinions, interpretations, points of view, or emotions rather than on objective evidence.