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JAMB Economics 2002 Question 30

Question 30

Industrialisation

The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called

  1. A.internal economies of scale
  2. B.economies of scale
  3. C.market economies
  4. D.external economies
Show the answer and explanation

Answer: D (external economies)

Explanation

Benefits from the growth of the whole industry, outside the firm's own control, are external economies.