In the Last 90 Years,the Proportion of Positions at the Top

question 46

Multiple Choice

In the last 90 years,the proportion of positions at the top of the U.S.occupational structure has:

• A) dramatically decreased.
• B) slightly decreased.
• C) dramatically increased.
• D) Slightly decreased.

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Definitions:

X-Inefficiency

A concept where a firm operates with higher costs than are necessary due to lack of competition or internal inefficiencies.

Economies Of Scale

Cost savings that accrue to firms from upscaling their production operations, where there's a typical decrease in the cost per unit with larger production volumes.

Average Cost

The sum of all production expenses divided by the quantity of items made, showing the expense for each unit of product.

Purely Competitive Equilibrium

A market state characterized by a perfect match between supply and demand, resulting in an optimal distribution of resources without any single buyer or seller influencing the price.