In a Perfectly Competitive Industry

question 230

Multiple Choice

In a perfectly competitive industry

• A) each firm sets its own price so that it is different from the prices of its competitors.
• B) earning an economic profit is certain.
• C) each firm is a price taker.
• D) consumers band together to demand the lowest price possible.

---

Definitions:

Crossing Over

A process during meiosis where two chromosomes pair up and exchange segments of their genetic material to produce recombinant chromosomes.

Chromatids

Each of the two thread-like strands into which a chromosome divides longitudinally during cell division. Each contains a double helix of DNA.

Gamete Production

The process by which male and female sex cells (sperm and ova, respectively) are generated, crucial for sexual reproduction.

Hormones

Regulatory substances produced in an organism and transported in tissue fluids such as blood or sap to stimulate specific cells or tissues into action.