Which of the following best describes economies of scale? O They refer to the increase in output that results from the increased utilization of a single input. They pertain to the long run only. They imply that the average total cost curve will fall continuously as output increases in the short run. O They are the result of a diminishing marginal product.

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A: * SOLUTION :-  (7)   From given information  The OPTION E is correct answer.

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A: PLEASE FIND THE ANSWER BELOW.

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.