Processes that can produce a range of products are said to have economies of scope.

Name: Processes that can produce a range of products are said to have economies of scope.
Brand: Quizplus
Rating: 4.7 (30 reviews)

Question

Quizplus · Accepted Answer

Economies of scope refer to the cost advantages that result when a single production process can produce a variety of products. This allows for the efficient use of resources and can lead to lower costs per unit compared to producing each product in a separate process.

Processes That Can Produce a Range of Products Are Said