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What is the relationship between specialization and departmentalization?
Natural Monopolies
Industries where a single firm can supply a product or service to an entire market at a lower cost than any potential competitor, often due to economies of scale.
Extensive Economies of Scale
Refers to reductions in per-unit cost as the size of a firm or its level of production increases.
Marginal Revenue
The additional income from selling one more unit of a good; it is the change in total revenue that comes from selling an additional unit.
Demand Schedule
A table that shows the quantity of a good or service that consumers are willing to buy at various prices.
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