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QUESTION 2 Consider the following two statements 1. Economies of scale imply increasing marginal and average costs of production. Il. Accounting profits generally exceed economic

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QUESTION 2 Consider the following two statements 1. Economies of scale imply increasing marginal and average costs of production. Il. Accounting profits generally exceed economic profits, unless opportunity cost is zer O Both I. and II. are true O I. is true, II. is false. O I. is false, II. is true. O Both I. and II. are false

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