According to the Second Law of Thermodynamics

question 77

Multiple Choice

According to the second law of thermodynamics,

• A) the entropy of all the participants in any physical process cannot decrease.
• B) kinetic energy cannot be entirely converted into thermal energy.
• C) work cannot be entirely converted into thermal energy.
• D) the entropy of all the participants in any physical process cannot increase.
• E) the amount of energy going into any thermodynamic process must equal the amount coming out of that process.

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Definitions:

Purely Competitive Industry

An industry characterized by numerous small firms producing identical products where no single firm can influence market price.

Industry Contraction

A phase in the business cycle where there is a decrease in economic activity within a particular industry, often characterized by reduced output and employment.

Upward Sloping

A graphical representation indicating an increase in a variable as another variable increases, often seen in supply curves.

Resource Prices

The costs associated with acquiring the inputs required for production, such as labor, materials, and capital.