Economies of large-scale production:

A. Lead to greater specialization

B. Offsets the effects of the law the law of comparative advantage

C. Lead to greater diversification of individual production

D. Cause firms to use more capital and less labor

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  1. Airlines that try to lower fares in order to increase revenues believe that demand for airline services…
  2. In case of economic bads, an IC can be :
  3. Utility is a function of:
  4. The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like…
  5. LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while…
  6. Price effect occurs on the higher IC in case of:
  7. Which of the following is not a property of indifference curve?
  8. The largest possible loss that a firm will make in the short run is:
  9. Cross-elasticity of demand or cross-price elasticity between two substitutes will be:
  10. At final equilibrium in cournot model, each firm sells:
  11. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  12. Price leadership is associated with:
  13. Technological efficiency:
  14. If the commodity is inferior then:
  15. Which is the first-order condition for the profit of a firm to be maximum?
  16. The production possibility curve (PPC) is concerned with:
  17. Utility is:
  18. If the commodity is normal then price effect is:
  19. In non-constant sum game (non-zero sum game), if there are two parties then:
  20. Under competitive conditions, the industry will be in equilibrium:
  21. The Lambda or Langrange Multiplier is a:
  22. If the prices of goods rise then:
  23. The difference between average cost and average revenue is:
  24. For a few products such as insulin for diabetics,:
  25. The alternative of profit maximization theory is:
  26. In the long-run competitive equilibrium:
  27. Each SAC represents a particular level of:
  28. Chamberline introduces the concept of:
  29. When the income of consumer increases then budget line will:
  30. In Revealed Preference Theory, a consumer reveals preference for bundle of: