Long-run production is called

Assessment: JAMB UTME - Economics - 2005 Subject: Economics

Question 1 Report

Long-run production is called

Answer Details

Economies of scale refer to reduced costs per unit that arise from increased total output of a product. It is a fall in the long run average costs because of an increased scale of production. This basically means the cost of production per unit reduces as you produce more units. For example, a larger factory will produce power hand tools at a lower unit price, and a larger medical system will reduce cost per medical procedure.

Read lesson note on Theory Of Production (WAEC)
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