Describe the concept of economies of scale, Macroeconomics

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Question:

Using diagrams where appropriate, describe the concepts of scarcity, choice and opportunity cost.

Distinguish between negative and positive externalities, explain your arguments with appropriate examples where necessary.

Describe the concept of economies of scale and discuss the different sources of economies of scale.

Using demand and supply analysis, illustrate the influence of the imposition of a maximum price and a minimum price on a product on price and quantity.

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