A Different Kind of Efficiency That Arises When a Number

question 31

Multiple Choice

A different kind of efficiency that arises when a number of different products that can be produced more efficiency together than apart:

• A)economies of scope.
• B)economies of scale.
• C)economies of growth.
• D)none of the above.

---

Definitions:

Government Franchising

A method whereby the government grants a private entity the right to operate a public service or business within a certain territory or function.

Essential Resource

A resource considered vital for the survival of an economy or the operation of a business.

Long Run

A period in economics sufficient for all markets to adjust, including production levels, prices, and resource allocation, often contrasted with the short run where some factors are fixed.

Efficient Output

The level of production at which a firm or economy is producing at minimum average total cost, optimizing resource use.