The advantages which firms obtain directly from expanding their operations are referred to as?

Assessment: JAMB UTME - Economics - 1995 Subject: Economics

Question 1 Report

The advantages which firms obtain directly from expanding their operations are referred to as?
Answer Details
The advantages that firms obtain directly from expanding their operations are referred to as "internal economies of scale." This refers to the cost savings and efficiencies that a firm experiences as it increases its scale of production. As a firm grows larger, it can take advantage of various economies of scale, such as purchasing inputs in bulk, spreading fixed costs over a larger output, and specializing in production processes. These cost savings can result in increased profitability for the firm.
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