Author Question: Economies of scale exist when a. long-run average costs decline as output increases. b. long-run ... (Read 109 times)

mpobi80 · **on:** Jul 1, 2018

Economies of scale exist when
a. long-run average costs decline as output increases.
b. long-run average costs are constant.
c. long-run average costs increase as output increases.
d. short-run average costs decline.
e. short-run average costs increase.

Question 2

Two goods, X and Y, are called complements if
a. an increase in PX causes more Y to be bought.
b. an increase in PX causes less Y to be bought.
c. an increase in PY causes less Y to be bought.
d. an increase in income causes more of both X and Y to be bought.