The Major Industrial Process in Use Today for the Production

question 253

Multiple Choice

The major industrial process in use today for the production of methanol is the:

• A)hydration of ethyne.
• B)distillation of wood.
• C)hydrogenation of carbon dioxide.
• D)reduction of methanal.
• E)catalytic reduction of carbon monoxide.

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Definitions:

Number of Firms

Refers to the total count of business entities participating in a particular market or industry.

Long-Run Equilibrium

a state in which all factors of production can be adjusted, and all firms in the market are making zero economic profits, reflecting a situation of perfect competition.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit; essentially, the cost of producing one more unit of a good.