Which Statement Is TRUE

question 43

Multiple Choice

Which statement is TRUE?

• A)For choosing the profit-maximizing quantity,the short-run decision-making process of a firm in perfect competition is the same as that of a firm in monopolistic competition since they produce so that P > MC.
• B)In the long run in perfect competition,economic profits equal zero,and in monopolistic competition in the long run,economic profits are very large.
• C)In perfect competition,P = MC,and in monopolistic competition,MR = MC,but P > MC and there is excess capacity.
• D)In both perfect competition and monopolistic competition,P equals minimum average total cost in the long run.

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Definitions:

Type 1 Diabetes

A chronic condition where the pancreas produces little or no insulin, requiring lifelong insulin therapy for management.

Syndrome of Inappropriate ADH

A condition characterized by excessive release of antidiuretic hormone leading to water retention and hyponatremia (low sodium levels).

Restrict Fluids

A medical recommendation to limit the amount of liquids consumed, often used in conditions where the body is retaining too much fluid.

Hypoparathyroidism

A rare condition where the parathyroid glands produce too little parathyroid hormone, leading to low calcium levels in the blood.