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If firms differentiate their products in different ways and charge different price because of these differentiation factors, then
Economies of Scale
The cost advantage that arises with increased output of a product, as the fixed costs are spread over more units of production.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his theories of the free market and the "invisible hand" guiding economies.
Diseconomies of Scale
Diseconomies of scale occur when a firm's costs per unit increase as it produces more units, due to inefficiencies.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.
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