The Last Number Name Differing from the Previous One in a Counting

question 166

Multiple Choice

The last number name differing from the previous one in a counting sequence by denoting the number of objects is known as

• A)the one-to-one principle.
• B)the stable-order principle.
• C)the cardinality principle.
• D)ordinality.

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Definitions:

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, leading to a reduction in the per-unit cost of production as the size of the operation grows.

Product Variety

Refers to the assortment of different goods and services that a firm offers to its customers, highlighting the diversity within a product line.

Welfare Enhancing

Activities, policies, or strategies that contribute to an improvement in the general well-being and quality of life of individuals or communities, often through the provision of public goods or redistribution of resources.

ATC

Average Total Cost; the total cost of production divided by the total output produced.