When a Single Firm Can Supply a Product to an Entire

question 13

Multiple Choice

When a single firm can supply a product to an entire market at a lower cost than could two or more firms, the industry is called a

• A)resource industry.
• B)exclusive industry.
• C)government monopoly.
• D)natural monopoly.

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Definitions:

Gallbladder

A small, pear-shaped organ located under the liver that stores and concentrates bile, a fluid produced by the liver to aid in the digestion of fats.

Pancreatic Islets

Clusters of cells in the pancreas that regulate blood sugar levels, notably by producing insulin and glucagon.

Sinusoids

Specialized blood vessels that are found in certain organs, like the liver and spleen, facilitating the exchange of blood cells, nutrients, and waste.

Acini Cells

Acini cells are specialized cells within the exocrine glands of the pancreas, responsible for producing digestive enzymes that are secreted into the small intestine.