A Given Level of Consumer Demand Will Support a Large

question 437

Multiple Choice

A given level of consumer demand will support a large number of producers in an industry if

• A)minimum efficient scale (MES)is very large.
• B)the long-run ATC curve decreases as output levels increase.
• C)diseconomies of scale are already encountered even at low levels of output.
• D)exclusive patents and high government license fees are prevalent in the industry.

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Reasonings or interpretations provided retrospectively to justify or make sense of events that have already occurred.

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Refers to Erik Erikson, a developmental psychologist and psychoanalyst known for his theory on the psychosocial development of human beings, outlining eight stages from infancy to adulthood.

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The age at which an individual is legally recognized as an adult in many countries, with associated rights and responsibilities.