Economies of scale can result from a firm's taking greater advantage of capital equipment as its output grows.

Name: Economies of scale can result from a firm's taking greater advantage of capital equipment as its output grows.
Brand: Quizplus
Rating: 4.8 (38 reviews)

Question

Quizplus · Accepted Answer

Economies of scale occur when a firm's average costs decrease as its output increases, which can happen when it utilizes its capital equipment more efficiently over larger volumes of production.

Economies of Scale Can Result from a Firm's Taking Greater