The Reduction in Average Cost Resulting from an Increase in the Volume

question 65

Multiple Choice

The reduction in average cost resulting from an increase in the volume of a good or service produced is called

• A) information cost.
• B) transactions cost.
• C) diminishing returns.
• D) economies of scale.

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Definitions:

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.

Assignments

The act of transferring rights, property, or responsibilities from one party to another.

Delegations

The act of authorizing another person or entity to act on one's behalf in certain matters or decision-making processes.

English Parliament

The supreme legislative body in the United Kingdom, made up of the House of Commons, the House of Lords, and the Sovereign.