Which of the Following Describes the Difference Between the Demand

question 1

Multiple Choice

Which of the following describes the difference between the demand faced by a firm and the demand faced by an industry?

• A)The demand facing individual firms tend to be more price-elastic than those for the entire industry.
• B)The elasticity of demand for a firm and for an industry is the same.
• C)The demand facing individual firms tend to be less price-elastic than those for the entire industry.
• D)The income elasticity of demand faced by a firm is higher than the income elasticity of demand faced by an industry.

---

Definitions:

Photosynthetic Mesophyll

The layer of cells in a leaf where most photosynthesis occurs, rich in chloroplasts.

Gas Exchange

The process by which oxygen is taken in and carbon dioxide is released out, occurring in the lungs and tissues or in the cells and environment for organisms.

Transpiration

The process by which plants absorb water through the roots and then give off water vapor through pores in their leaves.

Perspiration

The process of sweating, through which the body releases excess heat and water.