In Contrast with Perfect Competition, Excess Capacity Characterizes Monopolistic Competition

question 249

Multiple Choice

In contrast with perfect competition, excess capacity characterizes monopolistic competition.Excess capacity is due to which of the following?

• A)Monopolistically competitive firms produce at the minimum point on their average total cost curves.
• B)Monopolistically competitive firms face downward-sloping demand curves. In the long run, firms produce where their demand curves are tangent to their long-run average total cost curves.
• C)Monopolistically competitive firms produce where marginal revenue is equal to marginal cost.
• D)Monopolistically competitive markets have low barriers to entry.

Describe the steps in the planning process.

Recognize the types of plans used by managers and their applications.

Understand the attributes of effective goals and the importance of goal alignment in organizational performance.

Identify and describe major planning tools and techniques used by managers.

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Definitions:

Resource Extractors

Entities or individuals engaged in the removal of natural resources from their environment for use or sale.

Artificial Wetland

Man-made ecosystems constructed to mimic natural wetlands, serving purposes such as wastewater treatment, flood control, and habitat creation.

Selection Cutting

A forestry technique that involves the selective removal of certain trees in an effort to promote growth and maintain the health and diversity of a forest.

Strip Cutting

A method of logging whereby trees are clear-cut in narrow strips to allow for natural regeneration from the sides.