Economies of scope are similar to economies of scale.

Question

Quizplus · Accepted Answer

Economies of scope and economies of scale both relate to the efficiency and cost savings that come with producing more goods or services. Economies of scope refer to the cost savings that result from producing multiple products or providing multiple services using the same resources or capabilities. Economies of scale refer to the cost savings that result from producing more of a single product or service.

Economies of Scope Are Similar to Economies of Scale