Refer to the Diagrams

question 343

Multiple Choice

Refer to the diagrams. With the industry structures represented by diagram

• A)(A), there will be only a normal profit in the long run, while in (B)an economic profit can persist.
• B)(A), price exceeds marginal cost, resulting in allocative inefficiency.
• B), price equals marginal cost, resulting in allocative efficiency.
• B), equilibrium price and quantity will be e and h, respectively.

---

Definitions:

Experimental Psychologists

Scientists who study behavior and mental processes under controlled conditions to understand psychological phenomena.

Laboratory Studies

Controlled experiments conducted in a lab setting where variables can be manipulated to observe their effects on the subject being studied.

Cognition

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.

Feminist Movement

A series of political campaigns for reforms on issues such as reproductive rights, domestic violence, maternity leave, equal pay, women's suffrage, and sexual harassment.