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Author Question: A production point is economically efficient as long as it lies within the production possibilities ... (Read 103 times)

beccaep

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on: Jun 30, 2018
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

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Reply #1 on: Jun 30, 2018
Answer to Question 1

F

Answer to Question 2

e


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beccaep

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Reply #2 on: Jun 30, 2018
Thank you :)


mistyjohnson

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Reply #3 on: Jun 30, 2018
Happy to help you


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