Which of the following terms refers to the unit cost reductions associated with large sized outputs?
A. Absolute advantage of production
B. Economies of scale
C. Constant marginal returns
D. Diminishing marginal returns
Answer: B
Which of the following terms refers to the unit cost reductions associated with large sized outputs?
A. Absolute advantage of production
B. Economies of scale
C. Constant marginal returns
D. Diminishing marginal returns
Answer: B