A firm decides to increase output by opening another plant. In doing so their average total cost changed from $50 with one plant to an average total cost of $40 with two plants. This implies the firm is experiencing:

Economies of scale

Explanation:

The firm is experiencing economies of scale. Economies of scale result in a decreased average cost of production. Production increases and therefore the fixed cost is distributed more and average fixed cost becomes lesser and lesser as output increases. This leads to a decline in average total cost( As average total cost is the sum of average variable cost and average fixed cost, therefore a decline in average fixed cost leads to a decline in average total cost). This can be seen by an assymptotic average fixed cost for the firm which experiences economies of scale.

fractionally backed paper money

fiat money

paper money

metallic money

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