If in the Long Run, a Firm Doubles Its Output

question 94

Multiple Choice

If in the long run, a firm doubles its output and its average cost falls as a result:

• A)the firm is encountering diminishing returns.
• B)technological progress must have occurred.
• C)the firm is encountering economies of scale
• D)it must be a natural monopoly.
• E)none of the above need be true.

Grasp the importance and process of auditing in financial reporting.

Appreciate the legal responsibilities and potential liabilities of professionals, including auditors, lawyers, and medical practitioners.

Understand the principle of near-privity and its application in negligence cases.

Analyze the legal issues surrounding professional malpractice, negligence, and the right to information and its ownership.

---

Definitions:

Health Psychologists

Professionals who specialize in understanding how psychological, behavioral, and cultural factors contribute to physical health and illness.

Genetic Risk Information

Data obtained from genetic testing or family history that indicates the likelihood of developing certain diseases or conditions.

Healthy Behaviors

Actions taken by individuals that contribute to maintaining or improving health.

Single-Payer System

A healthcare financing mechanism where a single public or quasi-public agency organizes healthcare financing, but delivery may be public or private.