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Basic Question 2 of 7
Constant returns to scale ______
B. refers to the downward-sloping portion of the long-run ATC curve.
C. means long-run average total costs do not change with an increase in output.
A. refers to the upward-sloping portion of the long-run ATC curve.
B. refers to the downward-sloping portion of the long-run ATC curve.
C. means long-run average total costs do not change with an increase in output.
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I used your notes and passed ... highly recommended!
Lauren
Learning Outcome Statements
determine and interpret break even and shutdown points of production, as well as how economies and diseconomies of scale affect costs under perfect and imperfect competition
CFA® 2025 Level I Curriculum, Volume 1, Module 1.