Adam Smith Used a Pin Factory to Demonstrate

question 20

Multiple Choice

Adam Smith used a pin factory to demonstrate

• A)the advantages of economies of scale.
• B)diseconomies of scale.
• C)the long-run average cost curve.
• D)the advantage of being established.

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Definitions:

Individual Counseling

A form of therapy where a single client works one-on-one with a therapist to discuss and work through personal issues, behaviors, or feelings.

Components

The distinct parts or elements that make up a larger system or whole.

Psychological First Aid

An approach to reduce initial distress caused by traumatic events and foster short- and long-term adaptive functioning.

Children

Individuals at the early stages of life, typically considered to be from birth through adolescence.