Economies and Diseconomies of Scale
Economies of scale refer, as a firm expands its production capacity, the efficiency of production also increases. It is able to draw more output per unit of input, leading to low average total costs.
What are Economies of scale?
Economies of scale refer, as a firm expands its production capacity, the efficiency of production also increases. It is able to draw more output per unit of input, leading to low average total costs.
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