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3241004551 [841]
3 years ago
8

Which of the following is a characteristic of a monopolistically competitive market? I. Each firm is a price-taker. II. Firms se

ll slightly differentiated products. III. Each firm faces a downward-sloping demand curve. I only I and II only II and III only I, II, and III
Business
1 answer:
dangina [55]3 years ago
3 0

Answer:

The correct answer is option II and III only.

Explanation:

Monopolistic competition is a market structure where there is a large number of buyers and sellers. The sellers in this market sell differentiated products which are close substitutes.  

There is a very low restriction on the entry of new firms in the market. Because of differentiated products each firm has some degree of market power. The firms face a downward-sloping demand curve. This means that the firms decide the price level.  

Though the firms enjoy zero economic profits in the long run.

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<h3><u>Full Question:</u></h3>

The raw materials or reactants of the photosynthetic process include

A. glucose and oxygen.

B. carbon dioxide and glucose.

C. carbon dioxide and water.

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<h3><u>Explanation:</u></h3>

The process by which the light energy obtained from the sun is converted into chemical energy is photosynthesis. This process takes place in all plants having chloroplast pigments. The raw materials of this process is water and carbon dioxide.  

In the photosynthesis process water, carbon dioxide and minerals will be converted into oxygen and some organic compounds that are filled with energy. This acts as an energy source for the plants to survive. This process will not be possible in the absence of the chloroplast pigment.

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