In the Long Run,both Monopolistic Competition and Competitive Markets Result

question 20

Multiple Choice

In the long run,both monopolistic competition and competitive markets result in

• A) a wide variety of brand-name choices for consumers.
• B) an inefficient allocation of resources.
• C) zero economic profit for firms.
• D) excess capacity.
• E) insufficient capacity.

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Definitions:

Choroid

A vascular layer of the eye containing connective tissue, located between the retina and the sclera, playing a key role in providing oxygen and nutrients to the outer layers of the retina.

Cornea

The transparent front part of the eye that covers the iris, pupil, and anterior chamber, responsible for a large part of the eye's focusing power.

Tactile Corpuscle

A sensory receptor located in the dermal papillae, particularly sensitive to light touch; also referred to as a Meissner's corpuscle.

Dermal Papilla

A structure located at the base of the hair follicle that provides nutrients to the hair and contains capillaries and nerve endings.