Round Things, Inc.'s production process exhibits economies of scale. Currently their long-run average cost is $12/unit. If Round Things doubles its use of all inputs, its new long-run average total cost will be
A) $12/unit.
B) less than $12/unit.
C) greater than $24/unit.
D) greater than $12/unit but less than $24/unit.
Correct Answer:
Verified
Q58: Answer the question on the basis of
Q59: Harvey quit his job at State University,
Q60: Answer the question on the basis of
Q61: Assume that in the short run a
Q62: Answer the question on the basis of
Q64: Answer the question on the basis of
Q65: Answer the question on the basis of
Q66: Answer the question on the basis of
Q67: Plant sizes get larger as you move
Q68: Which of the following constitutes an implicit
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents