External Networks Typically Include Customers,suppliers,regulatory Agencies,pressure Groups,professional Peers,and Friends

question 121

True/False

External networks typically include customers,suppliers,regulatory agencies,pressure groups,professional peers,and friends.

---

Definitions:

Decreasing Costs

A situation where the total cost of production decreases as the volume of production increases.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, inversely related to normal goods.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and economic forces are balanced, leading to no net inclination to change.

Constant-Cost Industry

An industry in which the costs of production (including input prices) remain constant regardless of changes in the industry's output level.