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Round Things, Incorporated's production process exhibits constant returns to scale. Currently their long-run average cost is $20 per unit. If Round Things doubles its use of all inputs, its new long-run average total cost will be Multiple Choice $20 per unit. greater than $20 per unit but less than $40 per unit. greater than $40 per unit. less than $20 per unit.

Round Things, Incorporated's production process exhibits constant returns to scale. Currently their long-run average cost is $20 per unit. If Round Things doubles its use of all inputs, its new long-run average total cost will be Multiple Choice $20 per unit. greater than $20 per unit but less than $40 per unit. greater than $40 per unit. less than $20 per unit.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section12.4: Costs In The Short Run And In The Long Run
Problem 4QQ
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Round Things, Incorporated's production process exhibits constant returns to scale. Currently their long-run average cost is $20 per unit. If Round Things doubles its use of all inputs, its new long-run average total cost will be Multiple Choice $20 per unit. greater than $20 per unit but less than $40 per unit. greater than $40 per unit. less than $20 per unit.
Transcribed Image Text:Round Things, Incorporated's production process exhibits constant returns to scale. Currently their long-run average cost is $20 per unit. If Round Things doubles its use of all inputs, its new long-run average total cost will be Multiple Choice $20 per unit. greater than $20 per unit but less than $40 per unit. greater than $40 per unit. less than $20 per unit.
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