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A nurse is considering becoming an advanced practice nurse (APRN) .After studying practice requirements, the nurse concludes that for the RN and the APRN, licensure:
Economies Of Scale
The property whereby long-run average total cost falls as the quantity of output increases.
Competition
The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion.
Business-stealing Externality
A situation where a new entrant in a market captures a portion of the incumbent firms' customers, causing economic losses to existing businesses.
Product-variety Externality
An economic effect where the variety of products available in the market impacts the welfare of consumers, often positively.
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