If the Technology for Producing a Good Enables One Firm

question 352

Multiple Choice

If the technology for producing a good enables one firm to meet the entire market demand at a lower average total cost than two or more firms could,then that firm has

• A) patented the market.
• B) a natural monopoly.
• C) increasing average total costs.
• D) a legal barrier to entry.
• E) a discriminatory monopoly.

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Definitions:

Operant Conditioning

An educational method where the intensity of an action is altered through rewards or penalties.

Strategies

Plans of action designed to achieve a specific goal or set of goals.

Content Theories

Theories that aim to explain the specific things that motivate individuals at work, such as needs and desires.

Maslow's Hierarchy

A psychological theory proposing that human needs are arranged in a hierarchy from physiological needs to safety, love and belonging, esteem, and finally self-actualization; individuals are motivated by the need they have not yet satisfied.