Adam Smith used a famous example of what type of firm to illustrate economies of scale?
A)Apple
B)a pin factory
C)a lumber mill
D)a British university

Question

Quizplus · Accepted Answer

Adam Smith used the example of a pin factory to illustrate economies of scale in his book "The Wealth of Nations." He described how division of labor and specialization could greatly increase productivity and output in a factory, leading to lower costs per unit and increased profits.

Adam Smith Used a Famous Example of What Type of Firm