________ Exists Today as a Result of People's Diverse Interests

question 84

Multiple Choice

________ exists today as a result of people's diverse interests and backgrounds that divide them into numerous groups with distinct wants and needs.

• A)Market aggregation
• B)Market similitude
• C)Disintermediation
• D)Economic aggregation
• E)Market fragmentation

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Definitions:

Production

The process of creating goods or services by combining various inputs in order to make products that are suitable for consumption or further production.

Increasing Returns To Scale

A situation in production where an increase in the scale of inputs leads to a more than proportional increase in output.

Weak Axiom

In consumer theory, it refers to the consistency of consumer choice behavior under the assumption of non-increasing preferences.

Profit-maximizing Behavior

An economic principle where businesses seek to achieve the highest possible profit from their operations.