Economies of Scale Is an Example of

question 107

Multiple Choice

Economies of scale is an example of

• A) rent seeking.
• B) consumer surplus.
• C) a government-created barrier.
• D) an externality.
• E) a natural barrier.

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Definitions:

Tort Law

The area of law that deals with civil wrongs, not arising from contractual obligations, where an injured party can seek compensation from the party causing the harm.

Prevent Future Harms

Measures or actions taken to stop or reduce the likelihood of adverse effects or damages occurring in the future.

Cultural Diversity

The existence of a variety of cultural or ethnic groups within a society, celebrating differences in traditions, languages, arts, and behaviors.

Homogenous Culture

A homogenous culture is one in which the members share similar values, beliefs, and customs, leading to minimal cultural diversity within the group.