Asked by
Law of Fashion Clark
on Nov 05, 2024
Verified
Economists no longer attack industry concentration with the same fervor they once did because
A) even firms in highly concentrated industries can be pushed to produce efficiently under certain market circumstances.
B) the benefits of product differentiation and product competition are illusory.
C) small firms do the most research in the United States.
D) substantial economies of scale result in completely competitive market structures.
Industry Concentration
The extent to which a small number of firms dominate the total sales, production, or capacity of an industry.
Economies of Scale
Operational scale brings about cost reductions for firms, with each unit's production cost decreasing as the operation's scale enlarges.
- Gain insights into how industrial concentration affects the spending on research and development.
- Understand the implications of economies of scale on industry concentration and competition.
Verified Answer
HH
Learning Objectives
- Gain insights into how industrial concentration affects the spending on research and development.
- Understand the implications of economies of scale on industry concentration and competition.
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