If a Single Firm Can Meet the Entire Market Demand

question 362

Multiple Choice

If a single firm can meet the entire market demand at a lower average total cost than a larger number of smaller firms,the single firm is

• A) price discriminating.
• B) a natural monopoly.
• C) a legal monopoly.
• D) efficient when profit maximizing.
• E) an ownership-of-the-market monopoly.

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Definitions:

Specific Performance

A legal remedy requiring a party to perform a specific act, usually in fulfillment of a contract.

Statute Of Limitations

A law prescribing a period of limitation for the bringing of certain types of legal action.

Civil Wrongs

Acts or omissions that cause harm or loss to another person, and are the basis for a lawsuit in civil court, distinct from criminal acts.

Specific Performance

A legal remedy that requires a party to fulfill their contractual obligations, rather than just paying damages.