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Questions and Answers
What is the definition of economies of scale?
What is the definition of economies of scale?
- Reducing costs per unit by decreasing production
- Increasing costs per unit by increasing production
- Increasing costs per unit by decreasing production
- Reducing costs per unit by increasing production (correct)
What is the purpose of a buffer stock?
What is the purpose of a buffer stock?
- To increase demand for a product
- To cover unforeseen shortages (correct)
- To cover expected surpluses
- To reduce the production of a product
What is factory gate pricing?
What is factory gate pricing?
- The total cost of a product including transport costs
- The cost of a product excluding transport costs (correct)
- The cost of a product including taxes and duties
- The cost of a product excluding taxes and duties
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