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Economies of scale: Exist when larger firms can produce at lower cost than smaller firms. Exist when Average...

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Economics

  1. Economies of scale:
    1. Exist when larger firms can produce at lower cost than smallerfirms.
    2. Exist when Average costs go down as production increases
    3. Are more likely to exist in industries with larger fixedcosts
    4. All of the above

  1. True or false. Monopolies are always a bad way to deliver goodsand services.

  1. An industry that has a few large firms that own a majority ofthe market share is called
    1. A monopoly
    2. An oligopoly
    3. A monopolistic competition
    4. Perfectly competitive

  1. An attribute of destructive competition is:
    1. Firms earn 0 profit
    2. Quality tends to suffer
    3. Firms are forced out of the industry
    4. All of the above

Answer & Explanation Solved by verified expert
4.4 Ratings (875 Votes)
1 Economies of scale refer to the cost advantages by a firm when production becomes efficient A firm can achieve economies of scale by increasing production and lowering costs Thus Economies of scale    See Answer
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