Which of the following is true of economies of scale? reductions in the average total cost of producing a product as the firm expands the size of its plant (its output) in the short run only. increases in the average total cost of producing a product as the firm expands the size of its plant (its output) in the short run only. reductions in the average total cost of producing a product as the firm expands the size of its plant (its output) in the long run. increases in the average total cost of producing a product as the firm expands the size of its plant (its output) in the long run.

Christopher kim, cfa, is a banker with batts brothers, an investment banking firm. kim follows the energy industry and has frequent contact with industry executives. kim is contacted by the ceo of a large oil and gas corporation who wants batts brothers to underwrite a secondary offering of the company's stock. the ceo offers kim the opportunity to fly on his private jet to his ranch in texas for an exotic game hunting expedition if kim's firm can complete the underwriting within 90 days. according to cfa institute standards of conduct, kim: a) may accept the offer as long as he discloses the offer to batts brothers.b) may not accept the offer because it is considered lavish entertainment.c) must obtain written consent from batts brothers before accepting the offer.

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Within the relevant range, if there is a change in the level of the cost driver, then a. total fixed costs will remain the same and total variable costs will change b. total fixed costs will change and total variable costs will remain the same c. total fixed costs and total variable costs will change d. total fixed costs and total variable costs will remain the same