The Situation Where a Single Firm Can Supply the Product

question 166

Multiple Choice

The situation where a single firm can supply the product to an entire market at a lower unit cost than if the market were split among a number of competing firms, is called a

• A) dominant firm oligopoly.
• B) structured market.
• C) natural monopoly.
• D) trust.

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Definitions:

Balanced Scorecard

A strategic planning and management system that organizations use to communicate what they are trying to accomplish, align day-to-day work with strategy, prioritize projects, and measure progress.

Efficiency And Quality

Measures of how well resources are used to achieve objectives and the degree to which products or services meet customer expectations.

Customer Satisfaction

The measure of how products or services provided by a company meet or surpass customer expectation.

Traditional Measurement

A method of evaluating performance or progress using long-established standards or units.