Which economic concept explains why a large drugstore chain can produce at a lower average cost than Whoville Pharmacy, an individually owned drugstore?
a. increasing marginal returns
b. diminishing marginal returns
c. economies of scale
d. diseconomies of scale
e. constant returns to scale
Question 2
Economies of scale occur where
a. long-run average cost falls as new firms enter the industry
b. short-run average cost falls as new firms enter the industry
c. long-run average cost falls as one firm expands plant size
d. short-run average cost falls as one firm expands plant size
e. long-run average cost rises as one firm expands plant size
The Sun giving out a large geomagnetic storm
Large Mouse-Ear Hawkweed
Diplobacillus (a chain of two rods) and Streptobacillus (a longer chain).
Average Hourly Earnings of U.S. Workers in Current and Constant Dollars
Average Number of Days per Year with Thunderstorms
Political and Economic Systems