1. ?The law of diminishing marginal productivity states that ?
As you expand output, your marginal productivity eventually increases
?As you expand output, your marginal productivity eventually declines
?As you expand output, the total product eventually increases
None of the above
2. What are economies of scale? ?
decreasing average costs as production increases
?increasing average costs as production increases
?increasing fixed costs as production increases
?none of the above
3. What are economies of scope?
?lower average costs when multiple different products are produced
?higher average costs when multiple different products are produced
?Constant average costs when multiple different products are produced
?none of the above ?