In 1776 in the Wealth of Nations,Adam Smith Noted Three

question 74

Short Answer

In 1776 in the Wealth of Nations,Adam Smith noted three advantages of economies of scale: ___________________;_________________________;and ______________________.

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Definitions:

Law of Contracts

A set of laws that govern the formation, execution, and enforcement of agreements between parties.

Bilateral

Pertaining to or involving two sides, parties, or countries, often used in the context of agreements or contracts that require obligations from both parties.

Unilateral

A mistake that is the result of an error by one party about a material fact, that is, a fact that is important in the context of the particular contract.

Offeror

An entity or person who puts forth a proposal or bid for a contract, indicating a willingness to enter into an agreement under specified terms.