Production and efficiency 0.0 / 5 ? EconomicsProduction and efficiencyASAQA Created by: Tanya HaldipurCreated on: 27-12-13 17:44 Production the process that converts factor inputs into outputs of goods and services 1 of 7 Fixed costs costs of production that do not vary as output changes 2 of 7 Variable costs costs of production that vary with output 3 of 7 Economies of scale where an increase in the scale of production leads to reductions in average total costs for firms. 4 of 7 Diseconomies of scale where an increase in the scale of production leads to increases in average total costs for firms 5 of 7 Monopoly a market structure dominated by a single seller of a good 6 of 7 Competition a market situation in which there are a large number of buyers and sellers 7 of 7
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