The average cost of a firm producing a product in an area declines as the output of that firm's industry (all firms producing that product) in that area increases. This is a description of the phenomenon of Multiple Choice O Internal scale economies. oligopoly.

The average cost of a firm producing a product in an area declines as the output of that firm's industry (all firms producing that product) in that area increases. This is a description of the phenomenon of Multiple Choice O Internal scale economies. oligopoly.

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Question

The average cost of a firm producing a product in an area declines as the output of that firm's
industry (all firms producing that product) in that area increases. This is a description of the
phenomenon of
Multiple Choice
Internal scale economies.
O oligopoly.
O Intra-industry trade.
external scale economies.

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