What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services?

Question

What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services? ​

Quizplus · Accepted Answer

Economies of scale refer to the cost advantage experienced by firms when production becomes efficient, as the scale of production increases, leading to a decrease in average costs per unit. This is because fixed costs are spread over more units of output.

What Is the Phrase That Is Associated with the Costs