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ECO100 Knowledge Check 3 Latest 2018 (All are correct)
- Exam (elaborations) • 4 pages • 2019
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- $7.49
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Question 
Question 1
"Constant returns to scale" describes a situation where:
A. expanding all inputs does not change the average cost of production.
B. a larger-scale firm can produce at a lower cost than a smaller-scale firm.
C. expanding all inputs changes the average cost of production.
D. the quantity of output rises and the average cost of production falls.
Question 2
In microeconomics, which of the following is synonymous with economies of scale?
diminishing marginal returns
increasing ...
-
ECO100 Knowledge Check 3 Latest 2018
- Exam (elaborations) • 4 pages • 2019
-
- $7.49
- + learn more
Question 
Question 1
"Constant returns to scale" describes a situation where:
A. expanding all inputs does not change the average cost of production.
B. a larger-scale firm can produce at a lower cost than a smaller-scale firm.
C. expanding all inputs changes the average cost of production.
D. the quantity of output rises and the average cost of production falls.
Question 2
In microeconomics, which of the following is synonymous with economies of scale?
diminishing marginal returns
increasing ...
-
ECO100 Knowledge Check 3 Latest 2018
- Exam (elaborations) • 4 pages • 2018
-
- $10.49
- + learn more
Question 
Question 1
"Constant returns to scale" describes a situation where:
A. expanding all inputs does not change the average cost of production.
B. a larger-scale firm can produce at a lower cost than a smaller-scale firm.
C. expanding all inputs changes the average cost of production.
D. the quantity of output rises and the average cost of production falls.
Question 2
In microeconomics, which of the following is synonymous with economies of scale?
diminishing marginal returns
increasing ...
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