An Industry in Which a Large Number of Small or Medium-Sized

question 54

Multiple Choice

An industry in which a large number of small or medium-sized firms operate and no small set of firms has dominant market share or creates dominant technologies is known as a(n) ________ industry.

• A) fragmented
• B) consolidated
• C) mature
• D) emerging

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Definitions:

Autonomous Spending

Expenditures in an economy that do not vary with the level of income or production, such as government spending or investment.

Marginal Propensity

The ratio of the change in an aggregate economic quantity to an adjustment in some causal variable, particularly the change in consumption resulting from a change in income.

U.S. Price Level

A measure of the average prices of goods and services across the United States economy, indicating the purchasing power of money in the U.S.

Net Exports

The value of a country's total exports minus its total imports, representing the net trade of goods and services with foreign countries.