Economists No Longer Attack Industry Concentration with the Same Fervor

question 159

Multiple Choice

Economists no longer attack industry concentration with the same fervor they once did because

• A) even firms in highly concentrated industries can be pushed to produce efficiently under certain market circumstances.
• B) the benefits of product differentiation and product competition are illusory.
• C) small firms do the most research in the United States.
• D) substantial economies of scale result in completely competitive market structures.

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Definitions:

Relativist Perspective

A philosophical standpoint that asserts moral values and ethics vary between cultures, societies, or individuals and are not absolute.

Teleology

The doctrine that final causes, or purpose, exist in nature, and everything has a purpose or goal that influences its form and function.

Deontology

A moral philosophy that emphasizes the inherent rightness or wrongness of actions, independent of their consequences.

Deontologist

A philosopher or ethics scholar who believes in deontology, a theory that suggests actions are right if they are in accordance with a set of duties and rules.