An Important Difference Between a Monopoly and a Competitive Industry

question 93

Multiple Choice

An important difference between a monopoly and a competitive industry is that:

• A)a monopoly earns zero profits while competitive firms earn positive economic profits in the long run.
• B)a profit-maximizing monopolist equates price and marginal cost while profit-maximizing firms in competitive industries equate marginal revenue and marginal cost.
• C)a monopoly is a price maker while a competitive industry faces a horizontal demand curve.
• D)a monopoly has a vertical supply curve while a competitive firm's marginal cost curve is the supply curve.

Understand the roles of different plant hormones in growth and development.

Explain the mechanism of action for specific plant hormones, including gibberellins, auxins, and ethylene.

Describe the genetic and experimental approaches to studying plant hormones and their effects.

Identify the effects of plant hormones on processes such as seed germination, fruit development, and root growth.

---

Definitions:

Gas Exchange

The biological process through which organisms exchange oxygen and carbon dioxide with their environment, fundamental in respiration and photosynthesis.

Medulla Oblongata

Hindbrain region that influences breathing and controls reflexes such as coughing and vomiting.

Pacemaker

A medical device that regulates the heartbeat by sending electrical pulses to stimulate the heart when it is beating too slowly or irregularly.

Inhalation

The act of drawing air or other substances into the lungs, a critical component of the respiratory process.