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Author Question: At the current level of output, long-run marginal cost is 50 and long-run average cost is 75. This ... (Read 47 times)

Bob-Dole

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on: Jul 1, 2018
At the current level of output, long-run marginal cost is 50 and long-run average cost is 75. This implies that:
 
  A) there are neither economies nor diseconomies of scale.
  B) there are economies of scale.
  C) there are diseconomies of scale.
  D) the cost-output elasticity is greater than one.

Question 2

The income-consumption curve
 
  A) illustrates the combinations of incomes needed with various levels of consumption of a good.
  B) is another name for income-demand curve.
  C) illustrates the utility-maximizing combinations of goods associated with every income level.
  D) shows the utility-maximizing quantity of some good (on the horizontal axis) as a function of income (on the vertical axis).


todom5090

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

C


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