Some Firms Can Attain Lower Production Costs Through Their Cumulative

question 69

Multiple Choice

Some firms can attain lower production costs through their cumulative production experience.The average cost curve of such firms shift downward with each successive bulk increase in total production.The situation described above refers to:

• A)economies of scale.
• B)economies of scope.
• C)learning by doing.
• D)the familiarity index.

---

Definitions:

Macroeconomics

The branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets.

National Economy

The economic activities and performance of a specific nation, considering all its stakeholders.

Interactions

Interactions refer to the reciprocal action or influence that entities or phenomena have upon one another within any system or environment.

Macroeconomists

Macroeconomists specialize in the study of the economy as a whole, focusing on broad phenomena like inflation, unemployment, and national income.