Author Question: What is a production set?[br][br][b][color=black]Question 2[/color][/b][br][br]When a firm expands ... (Read 38 times)

olgavictoria · **on:** Jun 30, 2018

What is a production set?

Question 2

When a firm expands in size such that its workers can specialize in any one activity, the long-run average total cost of the firm gradually increases.
a. True
b. False
Indicate whether the statement is true or false

moormoney · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

A production set is all possible combinations of goods and services that an economy can produce with its available resources.

Answer to Question 2

False