Economies of scope has to do with lowering production costs by ...

[wenmo]

Economies of scope has to do with lowering production costs by increasing the quantity of a product produced, whereas economies of scale has to do with lowering production costs by producing several products within the same firm.
 
  Indicate whether the statement is true or false

Question 2

If consumers spend their money only on beef and vegetables, then the substitution effect of an increase in the price of beef would result in consuming ________ beef and ________ vegetables.
 
  A) more; more
  B) less; fewer
  C) more; fewer
  D) less; more

[snackralk]

Answer to Question 1

FALSE

Answer to Question 2

B

[wenmo]

TYSM

[milbourne11]

Excellent