If a Firm in an Industry Achieves the Minimum Efficient

question 63

Multiple Choice

If a firm in an industry achieves the minimum efficient scale at a low cost,then _____

• A)competition in the industry is likely to decrease.
• B)competition in the industry is likely to increase.
• C)the price charged by the firm is likely to be high.
• D)the demand for the firm's product is likely to be less.
• E)the profit earned by the firm is likely to be high.

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Definitions:

Reception

The act or process of receiving or being received, often referring to the area in hospitals or offices where guests are greeted.

Reaction

A biological, chemical, or physical response to a specific stimulus.

Hearing

The sense through which sounds are perceived, involving the process of detecting and interpreting sound waves.

Visual Sensory Impairment

A reduction or loss of vision that cannot be corrected fully with glasses or contact lenses.