The Ability to Lower the Average Costs of Production for One

question 5

Multiple Choice

The ability to lower the average costs of production for one product is possible with

• A)Economies of scale
• B)Economies of Scope
• C)Diseconomies of Scale
• D)Diseconomies of Scope

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Definitions:

Income

The monetary payment received for goods or services, or from other sources, as rents or investments.

Inequality

The existence of unequal opportunities and rewards for different social positions or statuses within a group or society.

Intergenerational Mobility

The changes in social status that occur from one generation to another within a family or community.

Intragenerational Mobility

The social movement of individuals within their own lifetime, reflecting changes in their social status or class.