In Long-Run Equilibrium,a Monopolistically Competitive Industry Is Characterized by

question 73

Multiple Choice

In long-run equilibrium,a monopolistically competitive industry is characterized by

• A)positive profits for all firms in the industry.
• B)a perfectly elastic demand curve facing each firm in the industry.
• C)zero profits for all firms in the industry.
• D)positive profits as a result of barriers to entry.
• E)all firms operating at the minimum point of their long-run average cost curves.

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Definitions:

Reduced

A process or result of making something smaller or less in amount, degree, or size.

Cyclic Electron Pathway

A photosynthetic process where electrons are recycled in order to produce ATP without the production of NADPH or oxygen.

Noncyclic Electron Pathway

A pathway of photosynthesis where electrons flow in a linear manner from water to NADP+, producing NADPH without the return of electrons to the light-absorbing pigment.

Calvin Cycle

A set of chemical reactions that take place in chloroplasts during photosynthesis, where carbon dioxide is converted into glucose.