What Is the Feature Numbered 3 in the Center of This

question 16

Multiple Choice

What is the feature numbered 3 in the center of this figure?

• A)cirque
• B)U-shaped valley
• C)lateral moraine
• D)terminal moraine

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Definitions:

Excess Capacity

A scenario where a firm or industry has unused production resources, leading to inefficiencies and lowered profitability.

Productive Inefficiency

A situation where resources are not used in the most cost-effective way, resulting in a higher production cost than necessary.

Allocative Inefficiency

A situation where resources are not allocated efficiently, leading to a mismatch between what is produced and what consumers actually demand, causing wastage and loss of potential welfare.

Monopolistically Competitive

Refers to a market structure where many firms sell products or services that are similar but not perfect substitutes, with some ability to set prices.