Constant Returns to Scale Are Illustrated by

question 82

Multiple Choice

Constant returns to scale are illustrated by

• A) a downward sloping long-run average cost curve.
• B) a horizontal long-run average cost curve.
• C) an upward sloping long-run average cost curve.
• D) a long-run average cost curve that is shaped like an upside down U.

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Definitions:

Characteristics

Distinctive qualities or attributes that help to define and distinguish a person, object, or phenomenon.

Market Structures

Differentiated classifications of markets based on the number of firms in the market, the nature of competition, and the degree of market power held by each.

Differentiated

The process or strategy of making a product appear distinct from similar products offered by competitors in the market.

Total Revenue

The complete financial income a company collects from the marketplace by selling its goods or services, before any outlays are subtracted.