The larger a firm, the lower its cost of production
...The larger a firm, the lower its cost of production
This statement explains the?
Law of diminishing marginal returns
Concept of economies of scale
Law of comparative cost advantage
Theory of division of labour
Correct answer is B
Economies of Scale refer to the cost advantage enjoyed by a firm when it increases its level of output. An increase in the level of output indicates the growth and expansion of a firm. This happens when costs are spread over a larger number of goods.
Which of the following is an invisible item? ...
All of the following describes conditions necessary for existence of a perfect market EXCEPT ...
Which of the following is true about supply of land? ...
Which of the following has a derived demand? ...
Net migration is the difference between ...
When the federal government guarantees a loan for a state government, such a loan constitutes ...
When a generalization is made based on observed facts, it is known as ...
A capital market differs from the money market in that in the former ...
The movement of labour from one grade to an entirely different grade is an example of ...