Use the Following to Answer Questions

question 72

Multiple Choice

Use the following to answer questions:
Figure: Comparing Long-Run Equilibriums
-(Figure: Comparing Long-Run Equilibriums) Look at the figure Comparing Long-Run Equilibriums. Which of the following statements is FALSE?

• A) Firms in panel (A) cannot have excess profits in the long run, but those in panel (B) can.
• B) Both panels show markets in which firms are covering all of their implicit and explicit costs.
• C) Firms in the market shown in panel (A) produce identical products, whereas those in panel (
• B) produce similar but differentiated products.
• D) Both firms show markets that have many firms.

---

Definitions:

Periderm

The protective outer layer of a plant's bark, composed of the phellem, phellogen, and phelloderm.

Woody Plants

Plants that are primarily composed of lignin and cellulose, which give them rigid structures, including trees, shrubs, and vines.

Sieve Tube Elements

Specialized cells in the phloem of vascular plants that facilitate the transport of sugars and nutrients.

Parenchyma

A type of plant tissue made of living cells, usually with thin cell walls and large intercellular spaces, involved in functions such as photosynthesis, storage, and secretion.