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D 22. Which of the following is true for a firm that enjoys economies of scale?...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output i...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output increases. b. Average total cost is falling as output increases. c. Marginal cost is constant as output increases. d. Marginal revenue is falling as output increases. 23. The figure below shows short-run average total cost curves for a firm under four different production technologies. Assume that there are only four different technologies that the firm could use. Refer...
Which statements are true regarding economies of scale.
Which statements are true regarding economies of scale.A. To maximize profits, a monopoly that occurs because of economies of scale should produce an output so that marginal revenue equals marginal costs. B. Economies of scale typically cause an industry to be perfectly competitive. C. When a firm has a natural monopoly it has that type of monopoly because of economies of scale. D. A firm that has economies of scale sees its average total costs decrease when production increases.
1. Which of the following is true before a firm has reached the point of diminishing  ...
1. Which of the following is true before a firm has reached the point of diminishing returns? a) marginal product is negative b) marginal product is rising, but still positive c) average product is declining d) average product may be rising or declining e) both a) and c) are correct 2. Whenever the slope of the total product curve is increasing at an increasing rate, the marginal product curve is _____. a)...
13. As output (plant size) increases, economies of scale occur when the A) long-run average cost...
13. As output (plant size) increases, economies of scale occur when the A) long-run average cost increases. B) long-run average cost decreases. C) short-run average total cost decreases. D) long-run average cost stays constant 14. Economies of scale can occur as a result of which of the following? A) increasing marginal costs as the firm increases its size B) higher fixed cost as the firm increases its size C) management difficulties as the firm increases its size D) greater specialization...
a) Increasing returns to scale (also known as economies of scale) occurs when average cost is ...
a) Increasing returns to scale (also known as economies of scale) occurs when average cost is [CHOOSE] ["minimized", "steady", "rising", "maximized", "falling"] . b) Decreasing returns to scale (diseconomies of scale) occurs when average cost is [CHOOSE] ["maximized", "minimized", "falling", "steady", "rising"] . c) When marginal...
19. How can we determine a firm is in the stage of Economies of Scale? Its...
19. How can we determine a firm is in the stage of Economies of Scale? Its long-run average cost is decreasing as output increases. Its total profit is increasing as output increases Its average revenue is increasing as output increases O All of its short-run average costs are decreasing as outputs increase.
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm...
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm experiences [ (Click to select) diseconomies of scale diminishing marginal returns increasing marginal returns b. The minimum efficient scale is the level of output produced by the smallest firm in the industry. smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain...
A firm encountering economies of scale over some range of output will have a: • rising...
A firm encountering economies of scale over some range of output will have a: • rising long-run average cost curve. • falling long-run average cost curve. • constant long-run average cost curve. • rising, then falling, then rising long-run average cost curve.
Which of the following statements is (are) correct? (x) The average variable cost curve declines as...
Which of the following statements is (are) correct? (x) The average variable cost curve declines as quantity increases because variable costs always decrease as output increases. (y) The average variable cost curve and average total cost curve will eventually intersect as output increases because average fixed cost eventually becomes negative. (z) The marginal cost curve crosses the average total cost curve at the efficient scale, which occurs at the minimum point on the average total cost curve. A. (x), (y)...
Increasing returns to scale is characterized by: a. economies of scale; that is, the average cost...
Increasing returns to scale is characterized by: a. economies of scale; that is, the average cost falls as output rises. b. constantly declining fixed costs. c. diseconomies of scale; that is, the average cost is constant as output rises. d. diseconomies of scale; that is, the average cost falls as output rises. e. economies of scale; that is, the average cost rises as output rises.
13. As output (plant size) increases, economies of scale occur when the A) long-run average cost increases. B) long-run average cost decreases. C) short-run average total cost decreases. D) long-run average cost stays constant 14. Economies of scale can occur as a result of which of the following? A) increasing marginal costs as the firm increases its size B) higher fixed cost as the firm increases its size C) management difficulties as the firm increases its size D) greater specialization...
19. How can we determine a firm is in the stage of Economies of Scale? Its long-run average cost is decreasing as output increases. Its total profit is increasing as output increases Its average revenue is increasing as output increases O All of its short-run average costs are decreasing as outputs increase.
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm experiences [ (Click to select) diseconomies of scale diminishing marginal returns increasing marginal returns b. The minimum efficient scale is the level of output produced by the smallest firm in the industry. smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain...
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