External Scale Economies Are More Likely to Arise in an Industry

question 7

Multiple Choice

External scale economies are more likely to arise in an industry:

• A)in which a single firm caters to the total market demand.
• B)in which a few dominant firms compete aggressively with each other in terms of product prices.
• C)in which firms readily share technology improvements.
• D)which is solely export oriented.

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Definitions:

Quantum Meruit

“As much as he has earned.” A quasi-contractual remedy that permits a person to recover a reasonable price for services and/or materials requested, where no price is established when the request is made.

Specific Performance

A court order requiring a party to fulfill their obligations under a contract, rather than providing a financial compensation for failing to fulfill it.

Opera Singer

A performer, usually professionally trained, who specializes in singing classical music compositions in operas.

Rembrandt Drawing

An artwork rendered in pencil, ink, or another medium by Rembrandt van Rijn, a renowned Dutch artist known for his paintings and drawings.