_____________ – a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each individual unit declines.
A. Skill
B. Specialization
C. Economies of scale
D. Division of labor
Answer:C
_____________ – a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each individual unit declines.
A. Skill B. Specialization C. Economies of scale D. Division of labor
Explanation: 33. Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.