Author Question: A production point is economically efficient as long as it lies within the production possibilities ... (Read 44 times)

beccaep

  • Hero Member
  • *****
  • Posts: 535
A production point is economically efficient as long as it lies within the production possibilities set.
  Indicate whether the statement is true or false

Question 2

If an average cost curve is U-shaped, then:
 a. costs per unit remainconstant throughout the entire range of production.
  b. costs per unit fall throughout the entire range of production.
  c. costs per unit increase throughout the entire range of production.
  d. costs per unit first rise, then reach a maximum, and then begin to fall as output is increased.
  e. costs per unit first fall, then reach a minimum, and then increase as output is increased.



mistyjohnson

  • Sr. Member
  • ****
  • Posts: 331
Answer to Question 1

F

Answer to Question 2

e



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

The modern decimal position system was the invention of the Hindus (around 800 AD), involving the placing of numerals to indicate their value (units, tens, hundreds, and so on).

For a complete list of videos, visit our video library