If a Single Firm Can Meet the Entire Market Demand

question 362

Multiple Choice

If a single firm can meet the entire market demand at a lower average total cost than a larger number of smaller firms,the single firm is

• A) price discriminating.
• B) a natural monopoly.
• C) a legal monopoly.
• D) efficient when profit maximizing.
• E) an ownership-of-the-market monopoly.

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Definitions:

Heritability

A measure of how much of the variation in a trait within a population is due to genetic differences.

Schizophrenia

A psychiatric disorder marked by significant disruptions in thought processes, perceptions, emotional responsiveness, and social interactions.

Genetic Vulnerability

A predisposition to develop certain conditions or diseases based on one’s genetic makeup.

Concordance Rates

The probability that two individuals with shared genetic or environmental factors will both display a particular trait or characteristic, often used in twin studies.