Which of the Following Is Important in Determining the Extent

question 29

Multiple Choice

Which of the following is important in determining the extent of competition in an industry?

• A)the minimum level of short-run average total costs of production
• B)the minimum efficient scale of production relative to market demand
• C)whether or not the industry product is differentiated or standardized
• D)only the level of market demand for the industry's product

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Definitions:

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A renewable, clean-burning diesel substitute produced from a variety of biomass sources, such as vegetable oils and animal fats.

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The ability of a project or business to generate a profit or sufficient benefits to cover its expenses and provide a return on investment.

Barrel Of Oil

A standard measure of crude oil and petroleum products equivalent to 42 U.S. gallons.

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