A Market in Which the Economies of Scale Are So

question 27

Multiple Choice

A market in which the economies of scale are so great that the largest firm has the lowest costs and is able to drive out competitors is called a(n)

• A) natural monopoly.
• B) market failure.
• C) externality.
• D) deregulated industry.

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Definitions:

Source Misattribution

A memory error where a person is unable to remember the correct source of a memory, such as recalling a dream as an actual event.

Serial-Position Effect

The tendency for recall of the first and last items on a list to surpass recall of items in the middle of the list.

Source Misattribution

A memory error where a person is unable to remember the correct source of a memory, leading to confusion about its origin.

Consolidation

The process by which a long-term memory becomes durable and relatively stable.