According to Alfred Chandler (1977), big business could be justified, at least in part, by
(a) a rapid rate of innovation among big firms.
(b) periodic recessions in which alert big businessmen buy out bankrupt firms and expand operations.
(c) a relatively low rate of bankruptcies among big firms.
(d) its ability to take advantage of scale economies—big business could best take advantage
of technology and economies resulting from large-scale production processes.
(d)
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Which of the following statements is true?
A) Currency in circulation in any economy is likely to be equal to the total money supply in the economy. B) Currency in circulation in any economy is likely to be less than the total money supply in the economy. C) In the United States, currency in circulation accounts for less than 1% of the money supply. D) In the United States, currency in circulation accounts for more than 50% of the total money supply.
In the above figure, the equilibrium price of a paperback book is $6 per book and the equilibrium quantity is 3 million books. The National Literature Board convinces the government to impose a price ceiling of $6 per book
At this price, the quantity of books supplied to the market will be A) 3 million a month and will equal the quantity demanded. B) less than 3 million a month and will exceed the quantity demanded. C) less than 3 million a month and will be less than the quantity demanded. D) more than 3 million a month and will exceed the quantity demanded.
If demand increases and supply decreases, but supply decreases more than demand increases,
a. equilibrium price will fall. b. equilibrium quantity will fall. c. quantity sold will increase. d. the quantities of both demand and supply will increase.
Repeated games are conducive to
A) explicit cooperation. B) tacit cooperation. C) corruption. D) failing to have a Nash equilibrium.