If Economies of Scale in an Industry Are So Extensive

question 48

Multiple Choice

If economies of scale in an industry are so extensive that a single firm can supply the entire market at lower unit cost than could a number of competing firms,this industry is called a(n)

• A) conglomerate.
• B) natural monopoly.
• C) oligopoly.
• D) restraint of trade.
• E) monopolistic competition.

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Definitions:

Narcissistic

A personality characteristic involving arrogance, a sense of superiority, and an excessive need for admiration from others.

Unconditional Admiration

A form of admiration or esteem that is given without any conditions or expectations, often regarded as a positive emotional response.

Antisocial

Contrary to the laws and customs of society, in a way that causes annoyance and disapproval in others.

Manipulation

The action of controlling or influencing someone or something cleverly, unfairly, or unscrupulously, often to one's advantage.