If an Industry Lacks Barriers to Entry and Each of the Many

question 90

Multiple Choice

If an industry lacks barriers to entry and each of the many firm faces a demand curve with a negative slope, the industry is

• A) perfectly competitive.
• B) monopolistically competitive.
• C) an oligopoly.
• D) a monopoly.

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Definitions:

DNA

Deoxyribonucleic acid, a molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms.

mRNA

Messenger RNA, a type of RNA that conveys genetic information from DNA to the ribosome, where it specifies the amino acid sequence of the protein products of gene expression.

Intron

Intervening sequence found between exons in mRNA; removed by RNA processing before translation.

Exon

Segment of mRNA containing the protein-coding portion of a gene that remains within the mRNA after splicing has occurred.