When a Single Firm Can Supply a Good or Service

question 56

Short Answer

When a single firm can supply a good or service to an entire market at a lower cost than could two or more firms, the industry is known as a

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Definitions:

Social World

The realm of human interaction and relationships, encompassing various social structures, institutions, and cultures that define human societies.

Durkheim

A French sociologist known for his foundational contributions to social science, particularly in the study of social cohesion and the functions of societal institutions.

Communication

The process of exchanging information, ideas, feelings, signals, or messages through various means, including verbal, non-verbal, and digital channels.

Radical

Relating to or affecting fundamental nature; often used to describe profound or extreme political or social changes.