Asked by Tiffany Kuntze on Sep 28, 2024
All of the following are most likely characteristics of firms with economies of scale EXCEPT ________.
A) technology specialization
B) market segmentation
C) labor specialization
D) purchasing power
Economies of Scale
The cost advantage achieved when production becomes efficient, leading to a decrease in the average costs per unit as output increases.
Technology Specialization
The focus of a company or industry on a specific technology niche, with the aim of achieving leadership and expertise in that area.
Market Segmentation
The process of dividing a market of potential customers into groups, or segments, based on different characteristics.
- Familiarize oneself with the idea of economies of scale and its consequences for production cost efficiency.
- Analyze the role of technological and labor specialization in achieving economies of scale.
Learning Objectives
- Familiarize oneself with the idea of economies of scale and its consequences for production cost efficiency.
- Analyze the role of technological and labor specialization in achieving economies of scale.
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