Question

A feature of imperfect competition is _________, which means that as the firm expands its production, average costs of production fall. Therefore, the firm can _______ its costs of production by selling internationally.

Answer 1

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A feature of imperfect competition is economies of scale, which means that as the firm expands its production, average costs of production fall. Therefore, the firm can decrease its costs of production by selling internationally.

Answer 2

A feature of imperfect competition is economies of scale, which means that as the firm expands its production, average costs of production fall. Therefore, the firm can decrease its costs of production by selling internationally.