The Figure Given Below Shows Three Short Run Average Total

question 73

Multiple Choice

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3

-If long-run costs are plotted on the vertical axis and quantity of output plotted on the horizontal axis, a positively sloped line implies _____.

• A)constant returns to scale
• B)economies of scale
• C)diseconomies of scale
• D)an increase in capital-labor ratio
• E)a decrease in cost-output ratio

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Definitions:

Social-cognitive Perspective

A psychological framework emphasizing the role of cognitive processes in understanding social behavior.

Personality Theorist

An individual specializing in the study of personality development, structures, and theories.

Social World

The domain of human experience that involves relationships, communities, cultures, and societies in which people live and interact.

Social-cognitive Perspective

A framework in psychology that emphasizes the role of cognitive processes in understanding social behavior.