Asked by Akadiri Olalekan on Jul 22, 2024
Verified
Economies of scale are primarily increased by ________.
A) strict industrial standards
B) knowledge retention rates
C) major quality modifications
D) higher units of production
Economies Of Scale
Refers to the cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.
Industrial Standards
Established norms and requirements regarding technical specifications and safety measures that products or processes should meet within an industry.
Knowledge Retention
Knowledge Retention is the process of systematically capturing, storing, and managing the knowledge created within an organization to ensure it can be accessed and used in the future.
- Recognize the relationship between economies of scale, market share, and profitability.
Verified Answer
Learning Objectives
- Recognize the relationship between economies of scale, market share, and profitability.
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