Marginal Costs of a Producer May Be Very Small Due

question 6

Multiple Choice

Marginal costs of a producer may be very small due to its product's ability to satisfy a large number of consumers at the same time. This characteristic of a product is called

• A) economies of scale.
• B) rent-seeking.
• C) simultaneous consumption.
• D) consumer sovereignty.

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Definitions:

Demurrer

A legal objection that an opponent's point is irrelevant or invalid, while conceding the factual basis of the point.

Special Jurisdiction

The power of a court to hear only certain kinds of cases.

U.S. Constitution

The supreme law of the United States of America, outlining the national framework of government and the fundamental rights of citizens.

Jury Selection

The process of choosing jurors from a pool of candidates to serve on a trial jury, typically involving questioning by attorneys and the judge to ensure impartiality.