Higher education levels and better management

Question

Quizplus · Accepted Answer

Higher education levels and better management can lead to improved efficiency and productivity, resulting in a shift of the long-run average total cost (ATC) curve downward. This is because educated and skilled employees are able to produce more output with the same inputs, reducing the per-unit cost of production. Therefore, the economies of scale increase and result in a lower cost for the firm to produce goods or services.

Higher Education Levels and Better Management