An industry that realizes such large economies of scale in producing its product that single-firm production of that good or service is most efficient is called ?

Related Mcqs:

1. A firm in perfectly competitive industry is producing 50 units, its profit-maximising quantity. Industry price is £2 and total fixed costs and total variable cost are £25 and £40 respectively. The firm’s economic profit is ?

   A. £35
   B. £15
   C. £30
   D. £60

2. A case when internal economies of scale bring about a continuously falling average cost curve that makes having more than one firm in an industry inefficient is illustrative of ?

   A. a natural monopoly
   B. an LDC’s limit of one firm to an industry
   C. an individual firm facing a horizontal (perfectly elastic) demand curve in LDCs
   D. The existence of oligopoly

3. Which scholar argues the following Plantations have no significant advantage over peasants [for] crops for which centralized processing and marketing are not necessary Cocoa and coconuts are typical examples of a lack of large scale economies Peasants can grow and process these crops in small lots with no large capital requirement beyond small indigenous tools and facilities ?

   A. Yujiro Hayami
   B. Raanan Weitz
   C. Hans Singer
   D. Tim Dyson

4. Suppose Handel’s Ice Cream experiences economies of scale up to a certain point and diseconomies of scale beyond that point. Its long-run average cost curve is most likely to be ?

   A. downward sloping to the right
   B. U-shaped
   C. Horizontal
   D. upward sloping to the right

5. If a firm is not operating at the output necessary to achieve all scale economies, it has not achieved its ?

   A. Efficient scale
   B. Average efficient scale
   C. Maximum efficient scale
   D. Minimum efficient scale

6. There is an arrangement which allows a firm to use research from another firm at no cost in exchange for executing all of its trades with the firm that provides the research. What this arrangement is called?

   A. Mutual arrangement
   B. Quid Pro quo
   C. Bilateral arrangement
   D. common interest

7. A firm owns long-lived property that is used by a firm in the Production of its income. What this property is called ?

   A. Unmovable asset
   B. Fixed property
   C. Production line
   D. Fixed asset

8. If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost the firm could increase profit if it ?

   A. decreased production
   B. maintained production at the current level
   C. temporarily shut down.
   D. increased production

9. Successful service companies focus their attention on both their customers and their employees they understand ________ which links service firm profits with employee and customer satisfaction ?

   A. internal marketing
   B. service-profit chains
   C. interactive marketing
   D. service differentiation

10. A company is in the ________ stage of the new product development process when the company develops the product concept into a physical product in order to assure that the product idea can be turned into a workable product ?

    A. product development
    B. commercialization
    C. marketing strategy
    D. business analysis