Introduction of the Verson Stamping Machine helped firms in the automobile industry

A) eliminate diminishing returns in production.
B) achieve greater economies of scale.
C) reach their minimum efficient scale at a lower level of production.
D) shift their AVC, ATC, and MC curves upward.

Question

DEVANSH TAMBADE · Accepted Answer

Final Answer : B, Explanation :  The Verson Stamping Machine allowed firms to produce at a larger scale more efficiently, thus achieving greater economies of scale by reducing the average cost per unit as production increases.

Introduction of the Verson Stamping Machine helped firms in the automobile industry

A) eliminate diminishing returns in production.
B) achieve greater economies of scale.
C) reach their minimum efficient scale at a lower level of production.
D) shift their AVC, ATC, and MC curves upward.

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Learning Objectives

Learning Objectives

Related questions

Introduction of the Verson Stamping Machine helped firms in the automobile industryA) eliminate diminishing returns in production.B) achieve greater economies of scale.C) reach their minimum efficient scale at a lower level of production.D) shift their AVC, ATC, and MC curves upward.

Definitions

Learning Objectives

Learning Objectives

Related questions

Introduction of the Verson Stamping Machine helped firms in the automobile industry

A) eliminate diminishing returns in production.
B) achieve greater economies of scale.
C) reach their minimum efficient scale at a lower level of production.
D) shift their AVC, ATC, and MC curves upward.