The Belief That Each Succeeding Generation Should Have a Higher

question 40

Multiple Choice

The belief that each succeeding generation should have a higher standard of living than its predecessor and that major institutions should continually improve is known as

• A) the revolution of rising expectations.
• B) the iron cage of rationality.
• C) the iron law of oligarchy.
• D) the soft bigotry of low expectations.

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Definitions:

Economies of Scale

Businesses achieve cost savings from their large scale of operations, as the cost per unit produced decreases when the scale increases.

Purchasing Power

The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.

Economies of Scale

The cost advantage achieved when increasing the scale of production leads to a reduction in the average cost of each unit produced.

Diseconomies of Scale

The phenomenon where companies experience an increase in average costs per unit when production is scaled up beyond a certain point.