If a refinery achieves a reduction in cost by purchasing ...
If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys
Economies of scale
Specialization
Division of labour
Diseconomies of scale
Correct answer is A
Economies of scale is a proportionate saving in costs gained by an increased level of production. This means that, a firm begin to enjoy certain benefits such as a reduction in its direct and overhead cost as its scale of transaction and operation expands.
When the government fix the price of essential commodities, this is referred to as ...
A producer sustains a loss in the short run if ...
Privatization and commercialization of public enterprise in Nigeria is necessitated by ...
By advertising, a monopolistic competitive firm tries to shift its ...
One of the economic problems of Nigeria today arises from ...
The total revenue of the firm is represented by ...
The creation of physical and concrete goods that can be seen and handled is ...
The meaning of scale of preference is ...
Production possibilities(alternatives) P Q R S T Units of shelter 5 4 3 2 0 Units of food 0 5 9 1...