Economies of scope involve the ability to lower the average cost of operations by expanding the output of financial services.

Question

Quizplus · Accepted Answer

Economies of scope refer to the cost advantage that arises when a firm provides a variety of products rather than specializing in the production or delivery of a single product or service. This concept is not limited to financial services but applies to various industries.

Economies of Scope Involve the Ability to Lower the Average