When It Takes One Firm in an Industry to Produce

question 188

Multiple Choice

When it takes one firm in an industry to produce the quantity necessary to realize low unit costs, the industry

• A) experiences economies of scale.
• B) has barriers to entry due to ownership of resources.
• C) has no barrier to entry.
• D) has a license granted by the government.

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Definitions:

Plasticity

(1) Range of modifiability of performance. (2) Modifiability, or “molding,” of the brain through experience.

Brain Growth

The process involving the increase in size and complexity of the brain; significant especially during childhood and adolescence.

Cognitive Growth

Refers to the development in one’s ability to think, solve problems, and understand complex concepts as they age.

Malnutrition

A condition that results from eating a diet in which nutrients are either not enough or are too much, causing health problems.