What Is Infrastructure

question 78

Multiple Choice

What is infrastructure?

• A) Unknown costs in money and resources needed to complete a project.
• B) The ruling body of a society, especially in a non-democratic society.
• C) The essential factors on which cities depend, such as rapid transportation and communications.
• D) A condition of social inequality that pits the haves and have nots in the same general area.

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Definitions:

External Economies

Benefits that arise from a firm's actions but are enjoyed by other parties or firms without compensation, typically leading to an under-provision of a good or service.

Production Costs

Expenses incurred in the process of creating a product or service, including materials, labor, and overhead.

Industry Size

The scale or magnitude of economic activity within a specific sector, measured by criteria such as number of firms, total employment, or total revenue.

Industry Supply Curve

A graphical representation showing the total quantity of a good that all producers in an industry are willing to supply at different prices.