17. "Scale economy" is, when in the longterm:Production increases faster than before.b.а.The average total cost is low.Total costs fall.d. Variable costsС.

The short-run is the time period where at least one factor is fixed. The production can be only…

Answered: 17. "Scale economy" is, when in the…

17. "Scale economy" is, when in the long term: а. Production increases faster than before. The average total cost is low. Total costs fall. d. Variable costs b. С.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 28RQ: What shape of a long-run average cost curve illustrates economies of scale, constant returns to...

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Concept explainers

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

Question

17. "Scale economy" is, when in the long
term:
Production increases faster than before.
b.
а.
The average total cost is low.
Total costs fall.
d. Variable costs
С.

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