Examlex
Which of the following statements is TRUE with respect to economies of scale?
I. It is cheaper for 500 manufacturers to make 30,000 cars each.
II. It is cheaper for five manufacturers to make 3,000,000 cars each.
III. Bigger firms mean fewer firms.
Marginal Benefit Curve
A visual chart illustrating the variation in consumer advantage as the amount of a product or service rises.
Private Market
A part of the financial market in which financial instruments and assets are traded that are not available on the public stock exchanges.
Marginal Social Benefit
The additional benefit received by society from the production or consumption of one more unit of a good or service.
Marginal Cost
The expense incurred from manufacturing an extra unit of a product or service.
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