Technology is a primary source of economies of scale for many firms.

Economies of Scale

The cost advantages that enterprises obtain due to scale of operation, with cost per unit of output generally decreasing with increasing scale.

Technology

The application of scientific knowledge for practical purposes, especially in industry.

Understand the role of technology and economies of scale in determining cost and facilitating changes within industries.

Verified Answer

colleen hanlonMar 10, 2024

Final Answer :

True

Explanation :

Technology allows firms to automate processes, improve efficiency, and increase production output at lower costs per unit, leading to economies of scale.

Learning Objectives

Understand the role of technology and economies of scale in determining cost and facilitating changes within industries.

Technology is a primary source of economies of scale for many firms.

Definitions

Learning Objectives

Learning Objectives

Related questions