Author Question: Economies of scale can be caused by a. all of the following b. short-run increases in marginal ... (Read 29 times)

ec501234 · **on:** Jun 30, 2018

Economies of scale can be caused by
a. all of the following
b. short-run increases in marginal productivity
c. the use of larger, more specialized machines
d. higher information costs as a firm expands
e. bureaucratic red tape as a firm expands

Question 2

To maximize profit in the long run, a firm must
a. charge the highest price possible
b. produce where demand is unit elastic
c. sell the most output possible
d. minimize the cost of producing any given amount of output
e. produce at minimum long-run total cost