_____________ - a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each individual unit declines.
A) Skill
B) Specialization
C) Economies of scale
D) Division of labor

Question

Quizplus · Accepted Answer

Economies of scale refer to the cost advantage experienced by firms when they increase their level of output. The average cost per unit of output decreases as the scale of production increases.

_____________ - a Term Referring to the Fact That for Many