If Choosing a Larger Plant Will Reduce Minimum Average Costs,there

question 59

True/False

If choosing a larger plant will reduce minimum average costs,there are economies of scale.

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Definitions:

Consumers

Individuals or groups that purchase goods and services for personal use.

Market System

An economic system where decisions regarding investment, production, and distribution are guided by the price signals created through the forces of supply and demand.

Public Good

A public good is a product or service that is non-excludable and non-rivalrous, meaning it can be consumed by anyone without reducing its availability to others.

Nonexcludability

A characteristic of public goods where it is not feasible to exclude individuals from using the good or benefiting from it.