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.
Long-term loans can be secured from ...
An increase in the prices of factor inputs may result in ...
An economic problem arises when________ ...
The firm whose sales and total revenue of the commodity as given in the table is ...
Which would you NOT consider an agro-based industry in Nigeria? ...
If government fixes price below the equilibrium price, what effect will it have on demand? ...
The desire for goods without the ability to pay is called ...
The long-run equilibrium price and quantity for the firm are respectively ...