Economics · Production and Costs
A U-shaped long-run average cost curve is based on which of the following assumptions? (A) Greater division of labour and specialisation accrue to larger firms (B) Minimum cost of production at various levels of output (C) Economies of scale prevail at small levels of output (D) It becomes more difficult to manage the firm effectively as it grows bigger (E) Diseconomies of scale prevail at larger levels of output
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(A), (C), (D) and (E) only✓
- 2(B), (C), (D) and (E) only
- 3(B), (C) and (D) only
- 4(A), (B) and (C) only
Correct answer
(A), (C), (D) and (E) only
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