What does economies of scale refer to?
Hey Janine,
Economies of scale refers to the advantages or benefits that a firm gets by expanding its production capacities or output.It is the basic cause behind the increasing returns to scale to a firm where the cost per unit of output falls as production is increased
Economies of scale refers to the advantages or benefits that a firm gets by expanding its production capacities or output.It is the basic cause behind the increasing returns to scale to a firm where the cost per unit of output falls as production is increased