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ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Please answer fast please help 1.2.3

Transcribed Image Text:1. If scale economies are substantial over a large range of output and only a few
firms arise in the industry, we call such a market structure:
a)differentiated
b) monopolistic competition
c) monopoly
d) oligopoly
e) none of the above market structures
2. 2. If scale economies are small and product differentiation is possible then
which market structure is able to arise?
a) oligopoly
b) monopolistic competition
c) monopoly
d) perfect competition
e) none of the above market structures
3. The production of one unit of milk requires one unit of labor and one unit of
capital. When 2 units of labor and 2 units of capital are employed in the
production process, 3 units of milk are produced. This phenomenon is called:
a) monopolistic competition
b) biased growth
c) economies of scale
d) product differentiation
e) none of the above phenomenon
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