William Was Born with Sickle-Cell Anemia, a Highly Painful, Incurable

question 32

Multiple Choice

William was born with sickle-cell anemia, a highly painful, incurable genetic condition. His parents are hopeful that with _____ (altering the genetic makeup of a fetus before birth) their next child might be spared this ordeal.

• A) eugenics
• B) human genetic engineering
• C) gene therapy
• D) gene doping

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Definitions:

Normal Profit

Normal profit is the minimum level of profit needed for a company to remain competitive in the market, equivalent to the opportunity cost of capital.

Purely Competitive Market

A market framework where numerous buyers and sellers exist, there's unrestricted access and departure, and the product is uniform, which results in participants accepting the market price as given.

Economic Profit

Profit calculated by subtracting both explicit and implicit costs from total revenues, providing a measure of the true economic performance of a venture.