In a Monopolistic Competition, each seller delivers a differentiated product which is easily different from its close substitutes. The two main features of Monopolistic Competition are development differentiation and selling expenses.
<h3>What is the connection between product differentiation and monopolistic competition?</h3>
monopolistic competition guides to a market where many firs sell differentiated products. differentiation can arise from aspects of the good or service.
<h3>Why is product differentiation required for monopolistic competition?</h3>
Product differentiation is necessary for monopolistic competition because sellers in monopolistic competitor gain their limited monopoly-like control by making a distinctive product or by convincing customers that their product is different than the competition.
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The field of behavioral genetics is devoted to the study of just how much of personality is due to inherited traits.
The study of how genes and environment affect behavior is known as behavioral genetics. More knowledge about how the environment affects behavior can be gained by looking at genetic influence. The study of the nature and causes of behavioral differences between individuals is the main objective of behavioral genetics. Only a few of the many different methodological approaches are used in behavioral genetic research. Genes are passed down to us, not behavior or personality. Additionally, these genes contain instructions for making proteins, which can come together in a variety of ways and influence our behavior. Variation in aptitude and talent across various fields of intellectual, creative, and athletic abilities is largely influenced by genetic factors.
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Adam Smith theories promote individualism in the sense that they state that, when each economic agent (households, business, or public entities) pursue their own interests selfishly, the outcomes generated by their economic activities will optimize the social welfare.
The incentives behind working for the own profit are much higher, and make individuals more productive and more sensitive to mistakes, therefore they are keen on improving their practices constantly. In turn, the incentives of working for the common interest are more vague, and such situations lead to sharp productivity declines. It is more likely that societies with greater productivity are able to produce efficiently enough goods and services to cover the needs of all its citizens. Therefore those societies end up maximizing the social welfare. These are the main arguments which support the invisible hand principle coined by Adam Smith.
Explanation:
photosynthesis is the major process that transfer some of the chemical energy in food (glucose) to the chemical energy in adenosine triphosphate (ATP).
