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Question 1 Suppose that Zombo LLC is an office firm that faces increasing average costs in the long run. This firm will have it grows
Question 1 Suppose that Zombo LLC is an office firm that faces increasing average costs in the long run. This firm will have it grows as a business. as Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a economies of scale b diseconomies of scale C constant returns to scaleQuestion 2 If labor and capital both became more expensive, what would happen? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a The firm would increase output level. b The LRAC would shift upward. C Total costs would increase, but average costs would remain the same. d The firm would employ more labor and more capital.Question 3 A car manufacturing plant in Michigan employs the optimal combination of both unionized and non-unionized labor. The plant agrees to a new union contract that stipulates higher wages. As the plant re-adjusts its inputs, marginal product of unionized workers will: Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a increase. b decrease. not change.Question 4 In the long run, the concept of economies of scale means that as the firm expands, the firm's total costs are increasing its level of output. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a faster than b slower than C at the same rate as
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