Author Question: Learning by doing, which leads to lower costs in the long run, is often A) increased when new ... (Read 340 times)

littleanan · **on:** Jul 1, 2018

Learning by doing, which leads to lower costs in the long run, is often

A) increased when new machinery is brought into the production process.
B) a function of cumulative output, that is producing more of the good or service.
C) improved through better use of computers in the production process.
D) not very important to most firms.

Question 2

List the major non-price determinants of demand.

What will be an ideal response?

micaelaswann · **Reply #1 on:** Jul 1, 2018

Answer to Question 1

B

Answer to Question 2

Consumer preferences (tastes), income, prices of related goods (complements and substitutes), future expectations, and number of buyers.