NECO Economics 2024 Objective — Question 31
Question 31 of 50 from the National Examinations Council (NECO) Economics 2024 Objective paper, with the correct answer and a full explanation.
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An advantage of a small firm has over a large firm is that
- A. A. enjoy financial economies of scale
- B. B. satisfy individual tastesCorrect
- C. C. enjoy internal economies of scale
- D. D. attract huge discounts on inputs
Explanation
An advantage of a small firm has over a large firm is in the area of meeting the specific needs of consumers individually. A small firm maintains a good and cordial relationship with the consumers thereby their needs and other related commodities, advertising etc.
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