Asked by Reginald Joseph on Jun 18, 2024
Verified
One advantage of ______________ is being able to set the industry standard.
A) being established
B) legal barriers
C) economies of scale
D) None of the choices are correct.
Industry Standard
A set of criteria within an industry that acts as an agreed-upon norm or benchmark for products, services, and processes.
Economies of Scale
A concept in economics where increasing the scale of production leads to a decrease in the average cost of each unit produced.
- Determine the causes behind the creation of monopolies, including legal obstacles and resource dominance.
Verified Answer
CS
chinna sambaJun 22, 2024
Final Answer :
A
Explanation :
Being established allows a company to set the industry standard by being the first to introduce a new product or service, or by building a reputation for excellence and innovation that other companies strive to emulate.
Learning Objectives
- Determine the causes behind the creation of monopolies, including legal obstacles and resource dominance.