Once an Industry Becomes Established in a Certain Area Firms

question 110

Multiple Choice

Once an industry becomes established in a certain area firms that locate in that area gain advantages over firms located elsewhere,leading to lower costs of production.Economists refer to the lower costs that result from increases in the size of an industry in a certain area as

• A)external economies.
• B)positive externalities.
• C)strategic advantages.
• D)technological change.

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Definitions:

Mating

The pairing of individuals for reproductive purposes, often involving complex behaviors in animals, including humans.

Biological Approach

A perspective in psychology that emphasizes the importance of physical processes in the brain and other organs in understanding behavior and mental processes.

Heredity and Environment

The two main factors that contribute to the development of an individual’s physical and psychological traits, with heredity referring to genetic inheritance and environment to life experiences and conditions.

Human Genome

The human genome is the complete set of nucleic acid sequences for humans, embodying all the hereditary information encoded in DNA, including all the genes.