Sizable Economic Profits Can Persist Over Time Under Monopoly If

question 84

Multiple Choice

Sizable economic profits can persist over time under monopoly if the monopolist

• A) produces that output where average total cost is at a maximum.
• B) is protected by barriers to entry.
• C) operates as a price taker rather than a price maker.
• D) realizes revenues that exceed variable costs.

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Definitions:

CRISPR

Clusters of Regularly Interspersed Palindromic Repeats; a type of locus in the DNA of prokaryotes containing repeated sequences that code for guide RNAs that direct Cas endonuclease to cut certain DNA sequences; a prokaryotic defense against bacteriophages used in biotechnology as a basis for programmable editing of DNA in living cells.

Genetic Material

DNA (deoxyribonucleic acid) or RNA (ribonucleic acid) molecules holding genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms and many viruses.

Morpholino

Synthetic molecules used to modify gene expression, particularly in the study of gene function in developmental biology.

Species

According to the biological species concept, one or more populations whose members are capable of interbreeding in nature to produce fertile offspring and do not interbreed with members of other species. Compare with phylogenetic species concept.