Economies of scale exist when the
A) total cost of production falls as the output increases.
B) cost of producing a unit of a good falls as its output decreases.
C) cost of producing a unit of a good falls as its output increases.
D) firm uses specialized resources to produce a range of goods and services.
Question 2
Grape juice prices increased by 20 percent in 2007. Suppose in response grape growers did not increase or decrease their grape production. The elasticity of supply is best described as
A) perfectly inelastic.
B) perfectly elastic.
C) inelastic.
D) elastic.
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