Since the Demand Curve Faced by a Monopolistically Competitive Firm

question 5

Multiple Choice

Since the demand curve faced by a monopolistically competitive firm is downward sloping,

• A)the firm is a price-taker in the short run
• B)in the long run there will be excess capacity
• C)the output decisions of one firm will influence profits of all other firms
• D)the product in the market is viewed by consumers as being standardized
• E)the ATC curve is U-shaped

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Definitions:

Howard Gardner

An American developmental psychologist best known for his theory of multiple intelligences, which suggests that people have various kinds of intelligence strengths.

Robert Sternberg

An American psychologist best known for his theory on intelligence and creativity, including the triarchic theory of intelligence.

Different Kinds

Refers to a variety or numerous types of something.

Genetic Influences

The contribution of genes inherited from one's parents to the individual's phenotypic traits, including physical appearance, behavior, and vulnerability to certain diseases.