Which of the Following Is the Smallest Taxon

question 37

Multiple Choice

Which of the following is the smallest taxon?

• A) Kingdom
• B) Family
• C) Phylum
• D) Class
• E) Order

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Definitions:

Consumer Surplus

The gap between what consumers are ready and can afford to pay for a product or service, versus what they actually spend.

Producer Surplus

The difference between the amount that a producer is paid for a good or service and the minimum amount they are willing to accept for it.

Marginal Revenue

The additional income derived from the sale of one more unit of a good or service.

Monopsonist Purchase

The buying activities of a market condition where only one buyer exists, affecting prices and quantities of goods.