Bribery Is Most Likely to Occur When

question 105

Multiple Choice

Bribery is most likely to occur when

• A)industries experience little competition.
• B)the country has reached a high level of economic development.
• C)the country's citizens come from diverse backgrounds.
• D)the industry is operating in an oligarchic competitive environment.
• E)the industry is experiencing intense competition.

Recognize how prices adjust to eliminate shortages and surpluses and achieve market equilibrium.

Identify the effects of supply and demand shifts on market equilibrium.

Understand the concept of elasticity in relation to supply and demand.

Analyze how changes in the market influence consumer behavior and producer responses.

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Definitions:

Industry Standard

A set of criteria within an industry that acts as an agreed-upon norm or benchmark for products, services, and processes.

Economies of Scale

A concept in economics where increasing the scale of production leads to a decrease in the average cost of each unit produced.

Natural Monopolies

Industries in which high infrastructure costs and other barriers make it efficient for a single company to supply all of the market's needs.

Output

The total quantity of goods or services produced by an individual, firm, or country over a specified period.