A) supply is inelastic and demand is elastic. B) supply is elastic and demand is elastic. C) supply is inelastic and demand is inelastic. D) supply is elastic and demand is inelastic. Question 7 Which of the following statements is not true? Economies of scale A) means lower average cost when production increases. B) can arise as a result of specialisation of labour. C) are different than economies of scope. D) cannot arise on a market with perfect competition. Question 8 If a rise in the price of good X results in the amount of money spent Good Y remaining the same, then Page 3 of 10 23 of 1432 words English (United Kingdom) Focus

A) supply is inelastic and demand is elastic. B) supply is elastic and demand is elastic. C) supply is inelastic and demand is inelastic. D) supply is elastic and demand is inelastic. Question 7 Which of the following statements is not true? Economies of scale A) means lower average cost when production increases. B) can arise as a result of specialisation of labour. C) are different than economies of scope. D) cannot arise on a market with perfect competition. Question 8 If a rise in the price of good X results in the amount of money spent Good Y remaining the same, then Page 3 of 10 23 of 1432 words English (United Kingdom) Focus

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.5P

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