Which of the Following Is Not a Commonly Used Definition

question 2

Multiple Choice

Which of the following is not a commonly used definition of 'globalisation'?

• A) A process by which national economies are becoming increasingly integrated with one another
• B) A process where by markets are becoming steadily less volatile and unpredictable
• C) A process where by people increasingly share a single global culture and sets of aspirations
• D) A process where by people are able to communicate and travel around the world more easily and affordably

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Definitions:

Monopolistic Competition

A sector characterized by a vast number of entities offering goods that resemble each other but are not exact duplicates, allowing for limited market authority.

Excess Capacity

This term refers to a situation where a firm produces at a lower scale than its potential, indicating that there are unused resources or the firm is operating below its efficient scale.

Profit-Maximizing Level

The point of operation where a firm achieves its highest profit, determined by the intersection of marginal cost and marginal revenue.

Marginal Cost

The cost escalation associated with the production of one more unit of a product or service.