Adam Smith Used a Famous Example of What Type of Firm

question 283

Multiple Choice

Adam Smith used a famous example of what type of firm to illustrate economies of scale?

• A)Apple
• B)a pin factory
• C)a lumber mill
• D)a British university

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Definitions:

Opportunity Costs

The cost of forgoing the next best alternative when a decision is made to pursue a particular action.

Relationship Strategies

Techniques and approaches used to build, maintain, and enhance interactions with customers and other stakeholders.

Social Bonds

The connections between individuals and the community, fostering a sense of belonging and mutual support.