Solve

question 91

Multiple Choice

Solve:

Understand the role and impact of creative project funding platforms like Kickstarter.

Recognize the characteristics and functions of different financial institutions and services.

Identify the characteristics of finance companies including their interest rates and requirements.

Understand the concept and tools of electronic funds transfer.

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Definitions:

Natural Monopoly

A market condition in which a single firm can supply a product or service to an entire market at a lower cost than what would be possible if there were multiple firms.

Economies Of Scale

The cost advantage that arises with increased output of a product, as fixed costs are spread out over more units of production.

Total Demand

The entire quantity of a product or service that consumers in a market are willing and able to purchase at various prices.

Marginal Revenue

The additional revenue that a firm receives from selling one extra unit of a product or service.