External Economies Refers to

question 13

Multiple Choice

External economies refers to

• A) an increase in inputs that leads to a more than proportional increase in outputs.
• B) a reduction in the average cost of production as the firm expands.
• C) a reduction in firm's average cost of production as the industry expands.
• D) a reduction in the world cost of production as international trade increases.

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Definitions:

Possibilities

Various opportunities or prospects that are or may be available.

Formal Education

Structured, systematic instructional and educational programs offered by educational institutions, leading to certification or a degree.

Decision-Making Dimension

Involves the aspects related to how decisions are made within an organization, including processes, influences, criteria, and outcomes associated with decision-making.

Training

A program designed to develop or improve skills, knowledge, and competencies, facilitating individuals to perform more effectively in their jobs.