If Barriers to Entry Are High and Products Are Somewhat

question 11

Multiple Choice

If barriers to entry are high and products are somewhat differentiated:

• A) the industry is probably perfectly competitive.
• B) the industry is probably monopolistically competitive.
• C) the industry is probably a differentiated monopsony.
• D) economic profit might be sustainable.
• E) the situation cannot exist.

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Definitions:

Blended

In genetics, this term traditionally referred to an outdated theory that offspring's traits are a smooth, average mix of parents' traits, replaced by the understanding of Mendelian inheritance.

Inheritance

The process through which assets, titles, debts, rights, and obligations are passed from one generation to the next upon the death of an individual.

Darwin's Evolutionary Theory

A scientific theory proposing that species evolve over time through a process of natural selection, which involves variation, inheritance, and the survival of the fittest.

Molecular Genetics

A branch of genetics that studies the structure and function of genes at a molecular level, including DNA, RNA, and protein synthesis.