The Oldest Ancestor of Modern Day Horses Had How Many

question 58

Multiple Choice

The oldest ancestor of modern day horses had how many toes?

• A) 5
• B) 4
• C) 3
• D) 2
• E) 1

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Definitions:

Price-taker Firm

A company that has no control over the market price and must accept the prevailing market price for its products.

Short Run

A period in economics during which some factors of production are fixed, limiting the ability to fully adjust to market changes.

Elasticity of Market Supply

The degree to which the quantity supplied of a good changes in response to a change in price.

Output Expansion

The increase in the production of goods and services in an economy or by a firm, often as a result of increased demand or improved production capabilities.