If a refinery achieves a reduction in cost by purchasing ...
If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys
Economies of scale
Specialization
Division of labour
Diseconomies of scale
Correct answer is A
Economies of scale is a proportionate saving in costs gained by an increased level of production. This means that, a firm begin to enjoy certain benefits such as a reduction in its direct and overhead cost as its scale of transaction and operation expands.
The principle of comparative cost advantage was propounded by ...
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The difference between personal income and personal disposal income is ...
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Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit. F...