Use the Following to Answer Questions

question 70

Multiple Choice

Use the following to answer questions:
Figure: Monopolistic Competition
-(Figure: Monopolistic Competition) Refer to the figure. Suppose the figure represents a firm that operates in a monopolistically competitive market. In the long run you would expect:

• A) prices to increase.
• B) demand to become more inelastic.
• C) less quality and innovation.
• D) more firms to enter the market.

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Definitions:

Id

In psychoanalytic theory, it's the part of the mind in which innate instinctive impulses and primary processes are manifest.

Ego

A part of the mind that mediates between the conscious and the unconscious and is responsible for reality testing and a sense of personal identity.

Superego

Part of Freud's psychoanalytic theory of personality, acting as the moral component, which holds internalized ideals and standards for behavior.

Collective Unconscious

A term coined by Carl Jung referring to structures of the unconscious mind shared among beings of the same species.