Phrases Like "In Addition," "In Other Words," and "In Summary

question 9

True/False

Phrases like "In addition," "In other words," and "In summary" are examples of verbal transitions.

---

Definitions:

Excess Capacity

A situation where a firm is producing at a lower scale of output than it has been designed for, often leading to inefficiencies.

Underallocation

The insufficient provision of resources to areas where they can be most efficiently or effectively used, often leading to inefficiencies.

Product Variety

The assortment or range of different products that a seller offers, catering to diverse customer preferences and enhancing market competitiveness.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and easy market entry and exit.