What Are Territories

question 37

Multiple Choice

What are territories?

• A) fixed areas defended by members of a group against conspecifics
• B) fixed areas defended by members of a group against other species
• C) areas where members of a group are often found
• D) areas where groups come together in areas where their ranges overlap

Understand the concept of imperfect competition and its variants, including monopolistic competition and oligopoly.

Understand the concept of product-variety and business-stealing externalities in monopolistic competition.

Recognize the characteristics of long-run equilibrium in monopolistically competitive markets, including price, average total cost, and marginal cost relations.

Identify conditions of efficient scale operation and excess capacity in firms.