MS Flashcards
(6 cards)
1
Q
SR
A
at least 1 factor input is fixed
2
Q
LR
A
all factors used in production are variable
3
Q
BTE
A
prevents/impedes entry of new firms into industry, limiting the degree of competition faced by incumbent firms
4
Q
EOS
A
cost savings enjoyed from large scale production
5
Q
A
6
Q
A
