A Reduction in Costs Per Unit Due to Increases in Efficiency

question 3

Multiple Choice

A reduction in costs per unit due to increases in efficiency of production as the number of goods being produced increases best defines the term _____.

• A)economies of scope
• B)economies of finance
• C)economies of scale
• D)economies of wealth

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Definitions:

Full-Time Job

Describes employment where an individual works a standard number of hours set by their employer, usually around 35 to 40 hours per week.

Standard Five Days

A typical workweek structure, often Monday through Friday, used in many businesses and organizations for scheduling work.

Skill Variety

The degree to which a job requires a range of different activities and skills, contributing to a worker's motivation and job satisfaction.

Job Core Characteristic

Essential attributes of a job that affect an employee's attitude and motivation, including skill variety, task identity, task significance, autonomy, and feedback.