The ability to rapidly and inexpensively switch production from one product to another enables what are sometimes referred to as:
A) economies of scale.
B) economies of size.
C) economies of shape.
D) economies of scope.
E) economies of shipping.

Question

Quizplus · Accepted Answer

Economies of scope refer to the efficiencies gained by producing a variety of products, allowing firms to switch production rapidly and inexpensively.

The Ability to Rapidly and Inexpensively Switch Production from One