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

Social surplus is:

A) the product of consumer surplus and producer surplus. B) the consumer surplus minus producer surplus. C) the ratio of consumer surplus to producer surplus. D) the sum of consumer surplus and producer surplus.

Provide an example of how a bank achieves lower cost in making a large loan to a company than could be achieved without the bank.

What will be an ideal response?