1
Question
Discovery of new technical knowledge and improvements in technology leads to _____________________.
Discovery of new technical knowledge and improvements in technology leads to _____________________.
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Solution
The correct option is C External Economies of Scale
External
economies of scale take place when an entire business grows larger and firms
benefit from subordinate long-run average costs. External economies of scale
can also be referred to as positive external benefits of industrial development.
External economies of scale describe comparable
conditions, only for complete manufacturing instead of a company. For
example, if the city creates an enhanced transportation network to service a
particular industry, then all companies in that industry will benefit from the
new transport network, and experience decrease production costs.
The correct option is C.
External economies of scale take place when an entire business grows larger and firms benefit from subordinate long-run average costs. External economies of scale can also be referred to as positive external benefits of industrial development.
External economies of scale describe comparable conditions, only for complete manufacturing instead of a company. For example, if the city creates an enhanced transportation network to service a particular industry, then all companies in that industry will benefit from the new transport network, and experience decrease production costs.
The correct option is C.
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