A Decrease in Long-Run Average Costs Resulting from Decreases in Output

question 340

Multiple Choice

A decrease in long-run average costs resulting from decreases in output is

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

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Definitions:

Standard Deviations

The measure of the dispersion or spread of data points in a data set from its mean, reflecting how much variation there is from the average.

Data Set

A collection of related sets of information that is composed of separate elements but can be manipulated as a unit by a computer.

CAT Mnemonic

A memory aid used to recall specific information, but without more context, the exact application of "CAT" cannot be determined.

Accomplish Change

To accomplish change means to successfully bring about a difference in someone's behavior, thoughts, or circumstances through deliberate efforts or interventions.