Economies of scale may be a barrier to entry in a situation in which
A) only small-scale production can lower the per-unit cost of production.
B) only small-scale production can meet the constantly changing market demand.
C) only large-scale production can lower the per-unit cost of production.
D) large-scale production is inefficient.
C
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A producer is said to have an absolute advantage in the production of a good when:
A) the producer can produce more units of the good per hour than another producer. B) the producer has a lower opportunity cost than another producer. C) the producer has a higher opportunity cost than another producer. D) the producer can sell the good at a higher price than another producer.
Using the information in the table above, calculate gross domestic product
A) $118 B) $108 C) $86 D) $78