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Q. A firm encountering economies of scale over some range of output will have a:

Q. ______ shows the overall output generated at a given level of input:

Q. At the point of inflexion, the marginal product is:

Q. A firm may decide to increase its scale so that it has excess production capacity because, by doing so, it is able to

Q. A firm that considers the potential reactions of its competitors when it makes a decision

Q. When a firm doubles its inputs and finds that its output has more than doubled, this is known as:

Q. The marginal product of labour curve shows the change in total product resulting from a:

Q. Implicit costs are:

Q. In the Kinked Demand Curve theory:

Q. If a more efficient technology was discovered by a firm, there would be: