Author Question: Every point on a ________ represents the minimum cost at which the associated output level can be ... (Read 15 times)

KimWrice · **on:** Apr 19, 2019

Question 1

Mondo's Microbrewery is growing rapidly. As a result of achieving larger size, the firm realizes it needs to hire quite a few additional employees and upgrade its brewing and bottling equipment, which increases its average costs. The best explanation for these events is that Mondo's Microbrewery is experiencing ________ returns to scale.

◦ increasing
◦ constant
◦ decreasing
◦ first decreasing and then increasing

Question 2

Every point on a ________ represents the minimum cost at which the associated output level can be produced when the scale of plant can be changed.

◦ U-shaped long-run average cost curve
◦ marginal cost curve
◦ long-run variable cost curve
◦ long-run demand curve

shayla · **Reply #1 on:** Apr 19, 2019

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