Which of the following statements about cost functions is true?
a. Variable costs will always increase in direct proportion to the quantity of output produced.
b. The less capital equipment employed in the production process relative to labor and other inputs, the longer will be the period of time required to increase significantly the scale of operation.
c. The shape of the firm's long-run cost function is important in decisions to expand the scale of operations.
d. none of the above
Question 2
The conditions in which vertical relationships can enhance a firm's ability to price discriminate include
a. the manufacturer's product is of value to just one type of customer
b. the costs of arbitraging the price difference across markets is large
c. the manufacturer acquires the distributer in the lower priced market
d. competition provides little ability for the manufacturer to price above marginal cost
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