If a hospital is experiencing economies of scale,
a. its average cost curve is positively sloped as output increases.
b. its average cost curve is negatively sloped as output increases.
c. it should reduce its output level to lower costs.
d. quality is falling as output is rising.
e. both b and c are true.
Question 2
A firm that is maximizing its profits will keep renting machines up to the point where:
a. the marginal productivity of a capital is maximized.
b. the marginal value product of machines is maximized.
c. the marginal value product of machines is equal to the market rental rate for machines.
d. the machine's market rental rate is minimized.
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