When a Single Firm Can Produce Output Over the Relevant

question 112

Multiple Choice

When a single firm can produce output over the relevant range of demand more efficiently than two or more firms can,because of the existence of economies of scale,we have:

• A) perfect competition.
• B) monopolistic competition.
• C) diseconomies of scale.
• D) a natural monopoly.

---

Definitions:

Less Developed Countries

Nations with a lower standard of living, underdeveloped industrial base, and low Human Development Index relative to other countries.

Welfare Dependency

A situation where individuals or families rely primarily on government benefits for their income over an extended period, often leading to limited financial self-sufficiency.

Poverty

A condition where individuals lack sufficient financial resources to meet basic living expenses such as food, shelter, and clothing.

Nobel Prizes

Prestigious awards annually given in several categories such as Physics, Chemistry, Medicine, Literature, Peace, and Economic Sciences for significant contributions.