If the price of crude oil falls, the equilibrium price of gasoline ________ and the equilibrium quantity ________.
A) rises; increases
B) rises; decreases
C) falls; increases
D) falls; decreases
Question 2
Which of the following is a difference between a monopolistically competitive market and a perfectly competitive market in the long run?
A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while firms in a perfectly competitive market earn positive economic profits in the long run.
B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while firms in a perfectly competitive market incur losses in the long run.
C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while firms in a perfectly competitive market charge a price equal to marginal cost in the long run.
D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while firms in a perfectly competitive market charge a price equal to marginal cost in the long run.
Hydrostatic Equilibrium
A flex-fuel vehicle often has a yellow gas cap, which is labeled “E85/gasoline”.
Sol Duc Falls in Olympic National Park, Washington.
The Hardy–Weinberg Equilibrium
The Hardy–Weinberg equilibrium for two autosomal alleles.
Hardy–Weinberg Equilibrium Genotype Frequencies for Three Alleles of a Gene