If a company is able to use one set of inputs to produce a wider range of products and services,what is this ability called?
A)economies of scale
B)economy of advantage
C)economy of scope
D)economies of productivity

Question

Quizplus · Accepted Answer

Economy of scope refers to the ability of a company to produce a wider range of products and services using the same set of inputs. This results in lower costs and higher efficiency. Economies of scale refer to the cost advantages gained by producing in large quantities, economies of advantage is not a recognized concept, and economies of productivity refers to the ratio of output to input in production.

If a Company Is Able to Use One Set of Inputs