Explain Why Technological Progress Will,at Best,only Temporarily Allow a Perfectly

question 109

Essay

Explain why technological progress will,at best,only temporarily allow a perfectly competitive firm to earn an economic profit.

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Definitions:

Cellular Respiration

Cellular respiration is the process by which cells generate ATP, the energy currency, by breaking down glucose and other food molecules in the presence of oxygen.

Glucose

A simple sugar that is an important energy source in living organisms and is a component of many carbohydrates.

ATP

Stands for adenosine triphosphate, a molecule that carries energy within cells for metabolism.

Feedback Inhibition

A regulatory mechanism in which the end product of a metabolic pathway inhibits an upstream process, thus controlling the rate of the pathway.