Fiords______

question 64

Multiple Choice

Fiords______ .

• A) lakes that form when blocks of stagnant ice become buried in drift and eventually melt, leaving pits in the glacial sediment
• B) deposits made by streams flowing in tunnels beneath the ice
• C) glacier- cut valleys that flooded as sea level rose in post- glacial times
• D) elongate parallel hills made of till

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Definitions:

Market Quantity

The total amount of goods or services available for purchase within a specific market.

Consumer Surplus

The divergence in total potential expenditure consumers are ready to make on a good or service against actual expenses incurred.

Welfare Economics

A branch of economics that focuses on the optimal allocation of resources and goods and aims to evaluate social welfare.

Equilibrium Price

The cost point where the amount of a product or service sought by consumers matches the amount available from producers.