Manufacturers have to do more than build large manufacturing plants to realize economies of scale. It is true that as the capacity of a manufacturing operation rises, costs per unit of output fall as plant size approaches "minimum efficient scale," where the cost per unit of output reaches a minimum, determined roughly by the state of existing technology and size of the potential market. However, minimum efficient scale cannot be fully realized unless a steady "throughput" (the flow of materials through a plant) is attained. The throughput needed to maintain the optimal scale of production requires careful coordination not only of the flow of goods through the production process, but also of the flow of input from suppliers and the flow of output to wholesalers and final consumers. If throughput falls below a critical point, unit costs rise sharply and profits disappear. A manufacturer's fixed costs and "sunk costs" (original capital investment in the physical plant) do not decrease when production declines due to inadequate supplies of raw materials, problems on the factory floor, or inefficient sales networks. Consequently, potential economies of scale are based on the physical and engineering characteristics of the production facilities—that is, on tangible capital—but realized economies of scale are operational and organizational, and depend on knowledge, skills, experience, and teamwork—that is, on organized human capabilities, or intangible capital.
The importance of investing in intangible capital becomes obvious when one looks at what happens in new capital-intensive manufacturing industries. Such industries are quickly dominated, not by the first firms to acquire technologically sophisticated plants of theoretically optimal size, but rather by the first to exploit the full potential of such plants. Once some firms achieve this, a market becomes extremely hard to enter. Challengers must construct comparable plants and do so after the first movers have already worked out problems with suppliers or with new production processes. Challengers must create distribution networks and marketing systems in markets where first movers have all the contacts and know-how. And challengers must recruit management teams to compete with those that have already mastered these functional and strategic activities.
The passage suggests that in order for a manufacturer in a capital-intensive industry to have a decisive advantage over competitors making similar products, the manufacturer must
be the first in the industry to build production facilities of theoretically optimal size
make every effort to keep fixed and sunk costs as low as possible
be one of the first to operate its manufacturing plants at minimum efficient scale
produce goods of higher quality than those produced by direct competitors
stockpile raw materials at production sites in order to ensure a steady flow of such materials
1. 实现规模经济不仅仅是建立大的生产厂房 → However，稳健的throughput（生产力）也很重要
Consequently，有形资产（tangible capital）决定潜在的规模经济；无形资产（intangible capital）决定规模经济的实现
2. 无形资产在新型的资本密集型行业里很重要。这个行业成功的秘诀（first firm）&竞争对手（challengers）想取胜的秘诀。
C选项：正确。成为第一个minimum efficient scale运行的公司：与原文相符。