Which of the following is an example of economies of scale? C An oil company decides to build a new refinery so it can meet the future needs of its customers C A technology firm increases production of mobile phones to decrease the average total cost of production An international firm is having problems with global communications. As a result, its costs are increasing C A car company invests $10 million into research and development for hybrid cars so it can make a higher profit in the futureA monopolistically competitive industry that earns economic profits in the short run will O experience a rise in demand and a higher market price in the long run experience the exit of existing firms out of the industry in the long run O experience the entry of new rival firms into the industry driving profits to 0 in the long run ()continue to earn economic profits in the long run