Which of the Following Is True

question 327

Multiple Choice

Which of the following is true?

• A) When firms in a price-taker market are earning zero economic profit, they will shut down.
• B) When firms in a price-taker market are earning positive economic profits, new firms will enter the industry causing the market price to fall until the firms in the industry are earning only zero economic profit.
• C) When firms in a price-taker market are earning economic losses, some firms will exit the industry causing the market price to rise until the remaining firms are earning zero economic profit.
• D) Both b and c are true.

Distinguish between different types of groups in taxonomy, such as monophyletic, paraphyletic, and polyphyletic groups.

Recognize the significance of genus and species in the classification system and their use in scientific research.

Identify the diagnostic features and ecological roles of organisms in the five kingdoms.

Explain the process of classifying a new species, including the necessary steps and considerations.

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Definitions:

Modern Banks

Financial institutions engaged in deposit taking, lending, and various financial services, leveraging technology for operations and service delivery.

Safes

Secure containers designed for protecting valuable items, documents, and firearms from theft or damage.

Functions As Money

This refers to the various roles that money plays in an economy, including serving as a medium of exchange, a unit of account, and a store of value.

Authorized

Authorized refers to something that has been officially approved or sanctioned, often related to authority or permissions in a legal, professional, or organizational context.