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Explain about the economies and diseconomies of scale.
Economies and Diseconomies of Scale:
a. There are economies of scale while long-run average total cost refuses as output rises.
b. There are diseconomies of scale while long-run average total cost rises as output rises.
c. There are constant returns to scale while long-run average total cost is constant as output raises.
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OPEC oil cartel becomes subject to this tension or conflict such that the cartel gives way to a more competitive oil market resulting in a dramatic decrease in the world oil price.
In a ___________ exchange rate system each trading nation is impacted directly by the supply and demand for their currency. A) Fixed B) Dirty C) Floating D) Clean
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