The ability to lower the average costs of production as the quantity produced increases is called
a. Economies of scale
b. Economies of scope
c. Diseconomies of scale
d. Diseconomies of scope
a
Economics
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Opportunity cost:
a. applies only to consumption decisions. b. applies only to production decisions. c. is the same as monetary costs. d. exists because of scarcity. e. is irrelevant for wealthy economies.
Economics
________ policy involves decisions about government spending and taxation
A) Monetary B) Fiscal C) Financial D) Systemic
Economics
An exchange rate is the price of one commodity (e.g., corn) measured in terms of another commodity (e.g., wheat)
a. True b. False
Economics
Which of the following is nonexcludable and rivalrous?
a. Common resource b. Positive externality c. Intellectual property d. Public good
Economics