If a firm experiences economies of scale,the average total cost of production increases as output expands.
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Q3: The law of diminishing marginal product provides
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Q5: Economists define the long run as any
Q7: Total cost equals total variable cost plus
Q9: Economic profit always exceeds accounting profit.
Q10: Diseconomies of scale are present when the
Q11: In the short run,all costs are variable.
Q12: In the short run,some costs are fixed.
Q13: The total fixed cost of operating a
Q140: In the long run,all costs are variable.
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