-In the Above Figure, the Long-Run Cost Curve Between Points

question 275

Multiple Choice

-In the above figure, the long-run cost curve between points E and F illustrates

• A) diseconomies of scale.
• B) diminishing marginal product.
• C) constant returns to scale.
• D) economies of scale.

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Definitions:

Normative Statement

A type of statement that expresses a value judgment about what ought to be, based on personal beliefs rather than hard facts.

Normative Statement

A statement that expresses a value judgment or opinion about what ought to be, rather than what is empirically observable.

Normative Statement

A statement that expresses a value judgment about whether a situation is desirable or undesirable. It reflects opinions rather than facts.

Positive

Refers to factual statements or assertions that can be tested or verified.