In Long-Run Equilibrium for Both a Competitive Market and Monopolistic

question 85

Multiple Choice

In long-run equilibrium for both a competitive market and monopolistic competition

• A) accounting profit is zero.
• B) price equals marginal revenue.
• C) long-run average cost is minimized.
• D) economic profit is zero.
• E) productive efficiency is achieved.

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Definitions:

Organismic Model

Cooperative view of community, described by Clements, in which a community goes through certain stages of development (succession), like the embryonic stages of an organism, and eventually reaches an adult state (climax community).

Individualistic Model

Independent view of community, described by Gleason, in which biological interactions are less important in the production of communities than are environmental gradients (such as climate and soil) or even chance. Compare with organismic model.

Interdependent

A relationship in which two or more entities rely on each other for survival or for the completion of processes.

Organismic Model

A conceptual model in biology that sees a community or ecosystem as a single living organism, emphasizing interactions and integration.