Empirical Studies of Production Suggest That the Long-Run Average Cost

question 81

Multiple Choice

Empirical studies of production suggest that the long-run average cost curve

• A)is U-shaped
• B)has an inverted L shape
• C)is L-shaped
• D)is horizontal
• E)shows diminishing marginal returns

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Concept

A broad term referring to an idea, notion, or understanding that is often abstract or general.

Metaphor

A figure of speech in which a word or phrase is applied to an object or action to which it is not literally applicable, suggesting a resemblance or analogy.

Nonliteral

Not adhering strictly to the literal or exact meaning of words; figurative.

Concept

Refers to an abstract idea or a mental symbol that is typically a fundamental building block of human thinking and communication.