In Which of the Following Industries Are You LEAST Likely

question 71

Multiple Choice

In which of the following industries are you LEAST likely to find a small business owner performing well due to a lack of economies of scale?

• A) Construction
• B) Transportation
• C) Service
• D) Retailing
• E) Manufacturing

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Definitions:

Baking Cakes

The process of preparing cakes by mixing ingredients and cooking them, typically in an oven.

Absolute Advantage

The ability of a country or individual to produce a good or service more efficiently than another, using fewer resources.

Lowest Opportunity Cost

The situation where choosing one option incurs the smallest possible loss of potential benefits from other alternatives, a key concept in comparative advantage and economic decision-making.

Fewest Resources

The condition of having the minimal amount of resources, including labor, capital, and natural resources, required for production.