Question 1
If the corn industry is perfectly competitive, ________ for corn is downward sloping and ________ is horizontal.
◦ the market demand curve; an individual corn producer's demand curve
◦ an individual corn producer's demand curve; the marginal revenue curve
◦ the marginal cost curve; the marginal revenue curve
◦ marginal revenue curve; average total cost curve
Question 2
Free exit implies that
◦ a perfectly competitive firm can never earn a profit.
◦ if an industry's existing firms make excessively high losses, firms are likely to exit the industry.
◦ the government regulates the number of firms it allows in an industry.
◦ firms will always earn below normal profit, as firms can exit the industry at any time they like.
Free Energy
Free Energy Enzymes
Free energy diagrams for the simple reaction A ----> B
Free Radicals and Antioxidants
First-order sensory neuron with free nerve endings
Free-swimming tunicate larva