When a firm can increase its output with a less than proportional increase in total costs, which of the following is true? 1) the firm has economies of scale O2) the firm is producing with excess capacity 3) the firm's average total cost is decreasing with output 4) the firm's marginal cost is less than its average cost 5) all of the above.

When a firm can increase its output with a less than proportional increase in total costs, which of the following is true? 1) the firm has economies of scale O2) the firm is producing with excess capacity 3) the firm's average total cost is decreasing with output 4) the firm's marginal cost is less than its average cost 5) all of the above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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