Figure 15-1 -Refer to Figure 15-1.Which of the Following Statements About the Following

question 222

Multiple Choice

Figure 15-1

-Refer to Figure 15-1.Which of the following statements about the firm depicted in the diagram is true?

• A)The fact that this firm is a natural monopoly is shown by the long-run average total cost curve still falling when it crosses the demand curve.
• B)The fact that this firm is a natural monopoly is shown by the continually declining market demand curve as output rises.
• C)The fact that this firm is a natural monopoly is shown by the continually declining marginal revenue curve as output rises.
• D)The fact that this firm is a natural monopoly is shown by the fact that marginal cost lies below the long-run average total cost where the firm maximizes its profits.

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Definitions:

Biologically Adaptive

Traits or behaviors that have evolved to help an organism survive and reproduce in its environment.

Blank Slate

The idea that individuals are born without built-in mental content, and all knowledge comes from experience or perception, also known as tabula rasa.

Nativists

Proponents of the theory that certain skills or abilities are innate and not acquired through learning or experience.

Inborn Characteristics

Traits or features present from birth, often considered to be genetically inherited or biologically determined.