When a Single Firm Can Supply a Product to an Entire

question 20

Multiple Choice

When a single firm can supply a product to an entire market at a smaller cost than could two or more firms,the industry is called a

• A)resource industry.
• B)exclusive industry.
• C)government monopoly.
• D)natural monopoly.

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Definitions:

Extensive Participation

The involvement of a large number or majority of individuals in a process, decision-making or an activity, often aimed at enhancing engagement and inclusivity.

Hasty Decisions

Quick judgments or choices made without thorough consideration, often leading to suboptimal outcomes.

Polarization

The process or phenomenon where a group or society gets divided into sharply contrasting opinions or beliefs.

Mental Agenda

A mental agenda refers to the set of priorities, tasks, or objectives that an individual plans to accomplish, often reflecting their personal or professional goals.