For Which of the Following Reasons Might Erika and Mitzi

question 22

Multiple Choice

For which of the following reasons might Erika and Mitzi, who are sisters born 3 years apart, have personality traits that are quite similar?

• A) They both inherited personality traits from their parents.
• B) They shared the same living environments during childhood.
• C) They were raised in the same way by their parents.
• D) All of these are correct.

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Definitions:

Economies of Scale

Refers to the cost advantage that arises with increased output of a product, leading to a reduction in the per-unit cost.

Production Process

A sequence of steps or operations involved in the manufacture of goods or the delivery of services.

Minimum Efficient Scale

The smallest scale of production a firm can achieve while still taking full advantage of economies of scale.

Production Expertise

Specialized knowledge or skills in the process of creating goods or services.