Economics · National Income
What is the meaning of "Economies of Scale"?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The absolute maximization of revenue through heavy taxation
- 2A fixed ratio between input factors and output levels
- 3A reduction in the per-unit cost of production as the scale of output increases✓
- 4An increase in the total cost of production as output increases
Correct answer
A reduction in the per-unit cost of production as the scale of output increases
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