WAEC Economics 2021 Theory — Question 11

Question 11 of 26 from the West African Examinations Council (WAEC) Economics 2021 Theory paper, with the correct answer and a full explanation.

3(a). What is economies of scale?

Model answer

Economies of scale is the cost advantage that accrues to a firm as a result of expansion — i.e. all the advantages a firm enjoys as it grows/expands its scale of operation.

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