Which of the following statements explains the difference between diminishing returns and diseconomies of scale?
A) Diminishing returns apply only to the short run; diseconomies of scale apply only in the long run.
B) Diminishing returns cause a firm's marginal cost curve to rise; diseconomies of scale cause a firm's marginal cost curve to fall.
C) Diminishing returns are the result of changes in explicit costs. Diseconomies of scale are the result of changes in explicit costs and implicit costs.
D) Diminishing returns refer to production while diseconomies of scale refer to costs.
Question 2
Refer to Figure 10-5. Suppose the price of pizza increases while the price of hamburger remains constant. Then, the consumer's
A) indifference curve becomes straighter.
B) budget constraint moves outward away from the origin on the pizza axis while the hamburger intercept remains the same.
C) indifference curve becomes more concave away from the origin.
D) budget constraint moves inward toward the origin on the pizza axis while the hamburger intercept remains the same.
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