Refer to the Diagram

question 224

Multiple Choice

Refer to the diagram. This firm's demand and marginal revenue curves are based on the assumption that

• A)the firm has no immediate rivals.
• B)rivals will match both a price increase and a price decrease.
• C)rivals will match a price increase but ignore a price decrease.
• D)rivals will ignore a price increase but match a price decrease.

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Definitions:

Own Species

The specific group of organisms to which an individual belongs, identifying it from others in terms of genetics and morphology.

Million Years Ago

A unit of time used in geology and paleontology to denote periods that are millions of years in the past from the present day.

Stromatolites

Layered bio-chemical structures formed in shallow water by the trapping, binding, and cementation of sedimentary grains by microorganisms, mainly cyanobacteria.

Mineralized Layers

Layers or deposits of organic or inorganic material that have been transformed into a solid, mineral-like substance over time.