Consider the Efficiency of Various Market Structures and Complete the Following

question 6

Multiple Choice

Consider the efficiency of various market structures and complete the following sentence.The larger the minimum efficient scale of firms,ceteris paribus,the

• A)more likely we are to have a concentrated market and allocative inefficiency.
• B)lower the advantages of large- scale production.
• C)less the tendency toward monopoly inefficiency.
• D)more likely firms will display productive efficiency.
• E)greater the number of firms comprising an industry.

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Definitions:

Republicanism

A political ideology centered on citizenship in a state organized as a republic under which the people hold popular sovereignty.

Social Equality

The condition in which all individuals within a society have the same status in certain respects, including civil rights, freedom of speech, property rights, and equal access to social goods and services.

Slave Society

A society in which the institution of slavery impacts all aspects of life, where the economy and laws are structured around the principle of enslaving certain individuals to provide labor.

President Pierce

Franklin Pierce, the 14th President of the United States (1853-1857), whose presidency is often criticized for his support of the Kansas-Nebraska Act and enforcement of the Fugitive Slave Act.