External economies are factors beyond the control of an individual firm that _______ as the total market output increases.

Name: External economies are factors beyond the control of an individual firm that _______ as the total market output increases.
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Question

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External economies refer to the benefits that all firms in an industry receive as the industry grows larger, such as improved infrastructure or a more skilled labor pool, which tend to lower the costs for individual firms.

External Economies Are Factors Beyond the Control of an Individual