The Word "Condominium

question 59

Multiple Choice

The word "condominium"

• A) translates from Latin words meaning "(high) price" and "(small) space."
• B) refers to any situation in which a dwelling unit is not directly connected to the land.
• C) is derived from Latin words meaning "joint control."
• D) is taken from a Latin phrase meaning "little power."
• E) refers to any situation in which a piece of land is owned by two or more people.

Evaluate the efficiency of monopolistic competition in the long run.

Understand the definition and characteristics of monopolistic competition.

Identify the long-term outcomes for firms in a monopolistically competitive market, including profit potentials.

Recognize how monopolistic competitors influence prices and process output decisions.

---

Definitions:

Fixed Supply

A situation where the quantity of a good available is constant and does not change in response to price changes.

One-Of-A-Kind

Unique, without any identical counterpart.

Pure Rent

Payment to a factor of production (land, specifically) in excess of what is needed to keep it in its current use.

Fixed Supply

A situation where the quantity of a good, service, or resource is limited and cannot be changed in the short run, often leading to inelastic supply.