Since Each Child of Two Heterozygous Parents Has a 50

question 33

Multiple Choice

Since each child of two heterozygous parents has a 50% chance of receiving a recessive trait from each parent,

• A)if the first child is phenotypically recessive,then the next child must be phenotypically dominant.
• B)if the first child is phenotypically recessive,then the next child has a 3/4 chance of being phenotypically recessive.
• C)if the first child is phenotypically recessive,then the next child has a 1/2 chance of being phenotypically recessive.
• D)no matter what the first child's phenotype,the next child will have a 1/4 chance of being phenotypically recessive.

Understand the conditions for long-run equilibrium in purely competitive markets and the achievement of normal economic profits.

Recognize the allocation efficiency in pure competition where production occurs at the output level where P = MC.

Comprehend the differences between short-run and long-run supply curves in purely competitive industries.

Describe the effect of new firms entering or existing firms leaving a purely competitive market on market supply and equilibrium.

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Definitions:

Inelastic Demand

A market condition in which the demand for a product does not significantly change in response to a change in its price.

Less Elastic Demand

A situation where the demand for a product or service is relatively unresponsive to changes in price.

Economic Profits

The difference between total revenues and total costs, including both explicit and implicit costs, signaling the overall profitability from an economic standpoint.

Perfectly Inelastic

A situation in economics where the quantity demanded or supplied does not change in response to changes in price.