Which of the Following Statements Is Not Correct

question 70

Multiple Choice

Which of the following statements is not correct?

• A) Both monopolistically competitive and perfectly competitive firms can earn economic profits in the short run.
• B) Both monopolies and monopolistically competitive firms can earn economic profits in the long run.
• C) Firms in perfect competition, monopolistic competition, and monopoly maximize profits by producing where marginal revenue equals marginal cost.
• D) Only competitive firms produce the welfare-maximizing level of output.

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Definitions:

Recombinant DNA Technology

A collection of techniques that enable the joining of DNA molecules from two or more sources, leading to the creation of novel genetic sequences and the production of recombinant proteins.

Genetic Engineering

The deliberate modification of the characteristics of an organism by manipulating its genetic material.

Genomic Library

A collection of DNA fragments that represent the entire genome of an organism, stored in a set of host cells.

Recombinant Gene

A gene that has been created by combining DNA from two or more different sources.