The Most Specific Term Usually Used to Describe a Substance

question 43

Multiple Choice

The most specific term usually used to describe a substance in a biological system that increases the rate of a reaction without being permanently changed by the reaction is a(n)

• A)catalyzer.
• B)catalyst.
• C)enzyme.
• D)rate increaser.

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Definitions:

Inelastic

Describes a situation where the quantity demanded or supplied of a good or service is relatively unresponsive to changes in its price.

Profit-Maximizing Quantity

The level of output at which a business achieves the highest possible profit, balancing incremental costs and revenues.

Profit-Maximizing Price

The price at which a company can sell its product to achieve the highest possible profit.

Monopolistic Producer

A market structure where a single producer has the exclusive control over the production and sale of a particular good or service.