When a Chef Prepares a Dinner for a Customer,which Factor

question 56

Multiple Choice

When a chef prepares a dinner for a customer,which factor is physical capital?

• A)the chef
• B)the oven
• C)the food ingredients
• D)the chef's training and experience

Understand the concept and implications of economies of scale and diseconomies of scale.

Identify conditions under which a firm experiences economies of scale, constant returns to scale, and diseconomies of scale based on total cost patterns.

Comprehend the difference between rising, falling, and constant long-run average total costs.

Recognize the role of specialization in achieving economies of scale.

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