Author Question: What are economies of scale? a. decreasing average costs as production increases b. increasing ... (Read 80 times)

Kthamas · **on:** Jul 1, 2018

What are economies of scale?
a. decreasing average costs as production increases
b. increasing average costs as production increases
c. increasing fixed costs as production increases
d. none of the above

Question 2

Jim is haggling with a car dealer over the sale price of a used car. Which of the following would determine the amount of surplus Jim extracts from the purchase?
a. Total difference between the buyer's and seller's valuations of the car
b. The number of customers trying to buy that particular car
c. The number of sellers trying to make Jim a sale
d. All of the above