When Economies of Scale Limit the Number of Firms in an Industry

question 183

Multiple Choice

When economies of scale limit the number of firms in an industry to 3,there is a

• A) natural monopoly.
• B) natural oligopoly.
• C) legal oligopoly.
• D) legal cartel.
• E) natural monopolistic competition.

Identify and calculate measures of central tendency (mean, median, mode).

Understand and calculate measures of dispersion (range, variance, standard deviation).

Distinguish and calculate the position and spread measures (quartiles, midrange, interquartile range).

Interpret the characteristics of data distribution (skewness, kurtosis).

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Definitions:

American Support

Refers to assistance or backing provided by the United States or its citizens, either politically, economically, militarily, or socially to individuals, groups, or countries.

Twelfth Amendment

modified the procedure for electing the President and Vice President of the United States, mandating separate electoral votes for each office to avoid electoral ties or confusion.

Electors

Individuals chosen in each U.S. state and the District of Columbia who formally elect the president and vice president of the United States.

President and Vice President

The top two executive officers in the government of the United States, elected to lead the country and support its constitution.