The Ability to Lower the Average Costs of Production as the Quantity

question 9

Multiple Choice

The ability to lower the average costs of production as the quantity produced increases is called​

• A)​Economies of scale
• B)Economies of scope
• C)Diseconomies of scale
• D)​Diseconomies of scope

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Definitions:

Francis Galton

A 19th-century scientist known for his pioneering work in eugenics, statistics, and the study of human intelligence.

Alfred Binet

A French psychologist who made significant contributions to intelligence testing and developed the first practical IQ test.

Mental Age

A measure of an individual's cognitive abilities expressed in terms of the average age at which a normal individual reaches the same level of ability.

Reasoning Skills

The ability to think, conclude, and apply logical processes to solve problems, make decisions, and understand complex concepts.