If Economies of Scale Are Relatively Unimportant in an Industry

question 8

Multiple Choice

If economies of scale are relatively unimportant in an industry, the typical firm's long-run average total cost curve will reach a minimum at a level of output that is a ________ fraction of total industry sales.The industry will be ________.

• A)large; competitive
• B)large; an oligopoly
• C)small; competitive
• D)small; an oligopoly

Grasp the significance of senior management's commitment and involvement in an employment equity program.

Understand the requirements for federally regulated employers to conduct workforce analysis for identifying underrepresentation.

Appreciate the importance of identifying and removing systemic barriers to employment as part of employment equity.

Know the goal of employment equity in changing workforce composition to reflect broader demographics better.

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Definitions:

Corporate Chains

Companies that own or control a series of outlets or branches under a common brand.

Publicly Traded

Describes a company whose shares are bought and sold freely on one or more stock exchanges.

Volume Discounts

Reduced prices or rates offered by a seller to a buyer based on the quantity of goods or services purchased, typically incentivizing larger orders.

Manufacturer

An entity or company that produces finished goods from raw materials through the use of various tools, equipment, and processes.