A Firm That Has Taken Advantage of Economies of Scale

question 220

Multiple Choice

A firm that has taken advantage of economies of scale and expanded to become the only producer in the market is

• A) a cartel.
• B) a natural monopoly.
• C) a monopolistic competitor.
• D) an oligopolist.

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Definitions:

Self-Concept

An individual's perception of their own identity, including beliefs, personality traits, and attributes.

Self-Awareness

The conscious knowledge of one’s own character, feelings, motives, and desires.

Perspective Taking

The cognitive ability to consider the world from another individual's viewpoint or to empathize with their feelings.

Erikson's Fifth Developmental Stage

A stage of psychosocial development, identified by Erik Erikson, focusing on identity vs. role confusion typically occurring during adolescence.