In the Long Run, Firms in Many Industries Often Experience

question 79

Multiple Choice

In the long run, firms in many industries often experience falling average total costs as a result of

• A) gains through trade.
• B) increasing marginal returns.
• C) economies of scale.
• D) lower fixed costs.

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Definitions:

RFP Process

Stands for Request for Proposal process, a business practice where organizations solicit bids from potential suppliers for a specific project or purchase.

Buying Center

A group of individuals within an organization who are involved in the decision-making process of purchasing goods or services, with roles including users, influencers, deciders, buyers, and gatekeepers.

Gatekeeper

An individual or organization that has the control to provide or restrict access to something or someone, often influencing the flow of information or decision-making processes.

Buying Center

A team within a company tasked with deciding on procurement matters.