Which of the Following Statements About Price and Marginal Cost

question 28

Multiple Choice

Which of the following statements about price and marginal cost in competitive and monopolized markets is true?

• A) In competitive markets, price equals marginal cost; in monopolized markets, price exceeds marginal cost.
• B) In competitive markets, price equals marginal cost; in monopolized markets, price equals marginal cost.
• C) In competitive markets, price exceeds marginal cost; in monopolized markets, price exceeds marginal cost.
• D) In competitive markets, price exceeds marginal cost; in monopolized markets, price equals marginal cost.

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Definitions:

Ribosomes

Cellular structures where protein synthesis occurs, reading mRNA to assemble amino acids into polypeptide chains.

Nucleotides

The basic building blocks of DNA and RNA, consisting of a nitrogenous base, a sugar molecule, and a phosphate group.

DNA

Deoxyribonucleic acid, a molecule that carries the genetic instructions for the development and functioning of living organisms.

Posttranslational

Refers to the chemical modifications and processes occurring to a protein after it has been synthesized by ribosomes.