The Use of the Word "Monopoly" in the Name of the Market

question 52

Multiple Choice

The use of the word "monopoly" in the name of the market structure called "monopolistic competition" refers to the fact that

• A) Monopolistically competitive firms charge prices equal to their marginal costs just like monopolists.
• B) A monopolistically competitive firm faces a downward-sloping demand curve for its differentiated product and so does a monopolist.
• C) Monopolistically competitive markets have free entry and exit just like a monopolistic market.
• D) Monopolistically competitive firms produce beyond their efficient scale and so do monopolists.

Understand the roles of haplodiploidy and inclusive fitness in the behavior of eusocial species.

Identify the factors encouraging group-living and the benefits and costs associated with it.

Describe altruism in animals, including Hamilton's rule and its implications for kin selection and inclusive fitness.

Understand the definition and implications of forming a group, including the reduction or implication of legal liability.

---

Definitions:

Intervivos Trust

A trust created during the lifetime of the settlor, allowing the settlor to transfer assets before their death for the benefit of designated beneficiaries.

Irrevocable Living Trust

A type of trust where the grantor transfers assets into the trust and relinquishes all rights to revoke or amend the trust, offering benefits for estate planning and asset protection.

Rescind

To revoke, cancel, or annul a contract, agreement, or resolution.

Uniform Simultaneous Death Act

A legal guideline used to determine inheritance when two or more people die at the same time or under conditions where it's impossible to determine who died first.