A Reduction in Costs Per Unit Due to Increases in Efficiency

question 3

Multiple Choice

A reduction in costs per unit due to increases in efficiency of production as the number of goods being produced increases best defines the term _____.

• A)economies of scope
• B)economies of finance
• C)economies of scale
• D)economies of wealth

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Definitions:

GI Tract

The gastrointestinal tract, a series of hollow organs joined in a long, twisting tube from the mouth to the anus, important for digestion and absorption of nutrients.

Buccal

Between the cheek and gum.

Medication

Chemical substances used to treat, cure, prevent, or diagnose a disease or to relieve pain.

Double-checked

The act of verifying or reviewing something for a second time to ensure accuracy or correctness.