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.
Which of the following is not an advantage of tabular presentation of data? ...
The principle of comparative advantage encourages a country to ...
To calculate the annual natural growth rate of a country's population, one has to know the count...
The economic term used to refer to human wants, desires or needs is known as? ...
One of these is not a problem of agriculture___________ ...
The major purpose of African Development Bank is to ...
A major determinant of the demand for a luxury good is____________? ...