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Question
Give two examples of external economies.
Short Answer
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Solution
Two examples of external economies are:
- Better Infrastructure: When an industry expands, the government may develop roads, power, or ports, benefiting all firms.
- Skilled Labour Availability: With more firms in the industry, training centres or institutions may emerge, making skilled workers easily available to all.
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Chapter 8: Cost and Revenue Analysis - TEST YOURSELF QUESTIONS [Page 161]
