Consider the following two concepts. Are these concepts properly defined? Definition I) An economy of scale is when short run average costs rise as output (q) increases. Definition II) A perfect substitutes production function is one where the marginal rate of technical substitution is either zero or infinity. Select one: a. Definition II is correct but definition I is incorrect. b. Both terms are correctly defined. c. Definition I is correct but definition II is incorrect. d. Both terms are incorrectly defined.

/courses/137060/quizzes/485275/take/questions/12956024 k Dashboard Customer Portal - R... Dashboard | Labcor... Clinician SimonMed FLORIDA STA... D Question 3 20 pts In MLA format, how should the following parenthetical citation for the newspaper article, "Ways to Save for College," appear if the article does not have an author and you do not use a signal phrase? O (no author C4) O (anonymous, C4) O("Ways to Save" C4) O (newspaper C4) ◄ Previous Q Search Quiz saved at 10:30pm Next ▸ Submit Quiz a H

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PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand + 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from DSM to ACY (Dollars per roundtrip) Room Rate at Meadows (Dollars per night) 300 200 40 200 rooms per night to ,hotel rooms at the Oceans and hotel rooms at the Meadows are 200 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Oceans rooms per night to rooms per night. Therefore, the income elasticity of demand is Oceans are ? from meaning that hotel rooms at the If the price of a room at the Meadows were to decrease by 20%, from $200 to $160,…

Question: What is another name for opportunity cost in economics?(a) Economic problem(b) Marginal Cost(c) Total Cost(d) Economic CostPlease Dont use AI tool.