The Dynamic Process of Competition

question 32

Multiple Choice

The dynamic process of competition

• A) provides profit-seeking sellers with little incentive to heed consumer preferences.
• B) was shown by Adam Smith to be a major source of economic inefficiency.
• C) provides consumers with alternative suppliers and thus a mechanism with which they can discipline sellers.
• D) will permit business decision makers to earn long-run economic profit unless they are regulated by government officials.

---

Definitions:

Homeodomain

A functional region of certain transcription factors; consists of approximately 60 amino acids specified by a homeobox DNA sequence and includes a recognition alpha helix, which binds to specific DNA sequences and affects their transcription.

Amino Acids

Organic compounds that combine to form proteins, essential for the structure, function, and regulation of the body's cells, tissues, and organs.

Cell Apoptosis

The process of programmed cell death that occurs in multicellular organisms, crucial for development and maintaining the health of the organism.

Pattern Formation

The process by which spatial order is established in biological organisms, leading to the development of structures and shapes in tissues and organs.