Economies of Experience Imply That Economies of Scale Must Exist

question 50

True/False

Economies of experience imply that economies of scale must exist.

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Definitions:

Basis of the Bargain

The foundation or crucial terms agreed upon in a contract that are a major reason one party enters into the agreement.

Bargain

An agreement between two or more parties where each party gives something of value to the other(s) in exchange for goods, services, or other benefits.

Implied Warranty of Merchantability

A legal presumption in sales law that goods sold by a merchant meet certain quality standards and are fit for the general purpose for which they are sold.

Lawyer

A professional authorized to practice law, counsel, and represent clients in legal matters.