Economics Quiz Class13-15

What is the term for the benefits a firm enjoys when it grows?

• Economies of Scale

• Diseconomies of Scale

• Internal Economies

• External Economies

Which of the following is an example of an Internal Economy of Scale?

• Skilled labor

• Infrastructure

• Marketing economics

• Access to suppliers

Which of the following is not a reason for a firm to experience Diseconomies of Scale?

• Bureaucracy

• Communication problems

• Increased efficiency

• Lack of control

What is the term for a situation where a firm's average costs increase as the firm becomes too large?

• Economies of Scale

• Diseconomies of Scale

• Market growth

• Cost benefits

In a competitive market, firms are often referred to as:

• Price-makers

• Price-takers

• Monopolists

• Oligopolists

What is the term for obstacles that might discourage a firm from entering a market?

• Barriers to entry

• Market growth

• Economies of scale

• External economies

Which of the following is not a benefit of competition?

• Lower prices

• More choice

• Less innovation

• Improved efficiency

What is the term for the commercial exploitation of a new invention?

• Innovation

• Product differentiation

• Market share

• Competitive advantage

What is the term for a firm's attempt to distinguish its product from that of its rivals?

• Market share

• Product differentiation

• Competitive advantage

• Innovation

What is the term for the immobility of factors of production between different geographic locations?

• Geographic immobility

• Occupational immobility

• Factor immobility

• Market immobility