When it is cheaper for one firm to produce a number of different commodities together than it is for a group of small firms to produce those commodities, exist (s). a. economies of scope b.marginal cost pricing C. diminishing marginal retums d. economies of scale

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30-11-2022
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When it is cheaper for one firm to produce a number of different commodities together than it is for a group of small firms to produce those commodities, exist (s). a. economies of scope b.marginal cost pricing C. diminishing marginal retums d. economies of scale

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qwcricket qwcricket · Answer 1 · 2022-12-03T11:09:24+01:00

When it is cheaper for one firm to produce a number of different commodities together, there exist economies of scope

Economies of scope refer to circumstances where a company's or economy's long-run average and marginal cost reduce as a result of the production of complementary goods. Here, the creation of one good lowers the cost of the creation of an associated item. Products that are complements in the production process, or products that share production inputs can all lead to economies of scope.

Economies of scope arise when a company can produce a greater variety of goods or services at a lower cost per unit than it could if it produced each good separately. Because of the creation of complementary goods and services, in this scenario, a company or economy's long-run average and marginal cost decline.