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Economies of scale refer to the cost advantages that firms experience as they increase their production output. As a firm expands its scale of production, the per-unit cost of producing goods or services typically decreases. This occurs due to factors such as specialization of labor, mass production, bulk purchasing of materials, and more efficient use of resources. The two main types of economies of scale are internal and external economies of scale. Internal economies of scale are specific to the firm and result from improvements ________ ___ _________ _______ ________.
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