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One of your entrepreneurial friends says:It is cheaper to produce a million shoes than to produce ten shoes.What she likely means is that Select one:
One of your entrepreneurial friends says:"It is cheaper to produce a million shoes than to produce ten shoes."What she likely means is that
Select one:
a.total cost falls as shoe production is increased.
b.marginal cost decreases as more shoes are produced.
c.in the long run, average total cost is lower when producing a large amount of output than a small amount.
d.total fixed cost increases as more shoes are produced.
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