Monopolistic Competition Differs from Monopoly Because in Monopolistic Competition

question 3

Multiple Choice

Monopolistic competition differs from monopoly because in monopolistic competition

• A)firms maximize profits.
• B)firms set marginal revenue equal to marginal cost to maximize profit.
• C)firms are free to enter and exit.
• D)All of the above are differences between monopoly and monopolistically competitive firms.
• E)None of the above are differences between monopoly and monopolistically competitive firms.

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Definitions:

Karyotype

A complete picture of a person's chromosomes, arranged in order and used to look for chromosomal abnormalities.

Chorionic Villus Sampling

A prenatal test involving the extraction of a small sample of the placental tissue to test for chromosomal abnormalities.

Pedigree

In genetics, a pedigree is a diagram that shows the occurrence and appearance or phenotypes of a particular gene or organism and its ancestors from one generation to the next, often used to study the inheritance of specific traits.

Short Run

A period in economics during which some factors of production are fixed, limiting the ability of a business to expand or change its output levels.