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).
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