-The Above Figure Shows the Market Demand Curve for Long-Distance

question 46

Multiple Choice

-The above figure shows the market demand curve for long-distance telephone calls.Suppose the marginal cost of a long-distance telephone call is 2¢ a minute for a call no matter how many minutes of calls are made and there are 3 firms in the industry.If the firms in the industry operate as perfect competitors,the price of a call is ________ per minute and if the firms in the industry operate as a monopoly,the price of a call is ________ per minute.

• A)2 cents;more than 3 cents and less than 4 cents
• B)more than 3 cents and less than 4 cents;more than 3 cents and less than 4 cents
• C)1 cents;2 cents
• D)2 cents;either equal to 4 cents or more than 4 cents
• E)either equal to 4 cents or more than 4 cents;2 cents

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Definitions:

Muscle

Tissues in the body that can contract, allowing movement of body parts and organs.

Notochord

The notochord is a flexible rod-like structure that forms the main axis of the embryo in all chordates, providing support and defining the primitive axis of the embryo.

Mesodermal Tissue

The middle layer of embryonic tissue that develops into muscle, bone, and the circulatory system among others.

Neural Plate

The neural plate is the flat layer of embryonic cells that develops into the neural tube, eventually forming the brain and spinal cord.