when a firm is enjoying internal economies of scale, its?

Assessment: WAEC SSCE - Economics - 2017 (Objective) Subject: Economics

Question 1 Report

when a firm is enjoying internal economies of scale, its?

Answer Details
When a firm is enjoying internal economies of scale, it means that the average cost of production decreases as the output increases. In other words, the cost of producing each unit of the product goes down as the firm produces more of it. This happens because the firm can take advantage of factors such as specialization, division of labor, and bulk purchasing to increase efficiency and reduce costs. Therefore, option C is the correct answer. The other options are not consistent with the concept of internal economies of scale.
Read lesson note on The Theory Of Supply (JAMB)
Read lesson note on The Theory Of Production (JAMB)
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