In the Long Run, a Representative Firm in a Monopolistically

question 146

Multiple Choice

In the long run, a representative firm in a monopolistically competitive industry will end up

• A) having an elasticity of demand that will be less than it was in the short run.
• B) having a larger number of competitors than it will in the short run.
• C) producing a level of output at which marginal cost and price are equal.
• D) earning a normal profit, but not an economic profit.

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Definitions:

Barr Bodies

Inactive X chromosomes present in the nuclei of female cells, visible as dense spots, and used in genetic and gender testing.

mRNA

Messenger RNA, a type of RNA that carries genetic information from DNA to the ribosome, where it specifies the amino acid sequence of the protein products of gene expression.

Transcription Activators

Proteins that increase gene expression by binding to DNA and helping RNA polymerase initiate transcription.

RNA Polymerases

Enzymes responsible for the synthesis of RNA molecules from a DNA template, a key process in gene expression.