Examlex
Which statement about children and stepfathers is true?
Constant Cost Industry
An industry in which the costs of production do not change as the industry's output changes.
Natural Monopoly
A market situation in which the average costs of production continually decline with increased output. In a natural monopoly, the average costs of production will be lowest when a single, large firm produces the entire output demanded by the marketplace.
Perfectly Elastic
Perfectly elastic refers to a situation in economic theory where the quantity demanded or supplied of a good changes infinitely in response to any change in price.
Price-taker Industry
An industry in which companies have no control over the prices they charge because these prices are determined by the overall supply and demand in the market.
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