Examlex
When economies of scale are large,firms can reduce their average total cost by:
High-Opportunity Cost
Refers to the high value or benefit that is foregone from not choosing the next best alternative with available resources.
Low-Opportunity Cost
Describes a situation where choosing one option over another entails a minimal sacrifice of alternative opportunities or benefits.
International Trade
The trading of products, services, and financial assets between different countries or territories.
Production
The process of creating goods or services by combining labor, capital, and resources to meet consumer demands or needs.
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