WAEC Economics 2024 Objective — Question 31

Question 31 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.

31. An advantage a small firm has over a large firm is that the former can better

A. enjoy financial economies of scale.
B. satisfy individual tastes.
C. enjoy internal economies of scale.Correct
D. attract huge discounts on inputs.

Explanation

Smaller firms can more readily enjoy internal economies of scale because they can add more inputs to produce more output without changing capital components.

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