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Consider a gene that affects fur colour in mice. This gene has two alleles, A and A. If AA mice have white fur, Aa mice have grey fur, and aa mice have black fur, how would we describe the effect of these alleles?
Pure Competition
A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market.
Long-run Adjustments
Changes a firm or industry makes over a long period to adapt to changes in demand, technology, or other economic factors.
Allocative Efficiency
Occurs when resources are distributed in a way that maximizes the net benefit to society, with goods and services produced at the level where the last unit provides a benefit equal to its cost of production.
Purely Competitive Industry
An industry characterized by many sellers offering identical products where each seller is a price taker due to market forces.
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