A Picture of Evolution by Punctuated Equilibrium Might Look Like

question 5

Multiple Choice

A picture of evolution by punctuated equilibrium might look like a

• A)ladder.
• B)chain of being.
• C)gracefully branching tree.
• D)dense bush.

---

Definitions:

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved due to market inefficiencies or interventions.

Tax Per Unit

A tax that is levied on a product based on the amount of the product sold, not on its value.

Consumer Surplus

The incongruity between what consumers are willing to expend on a good or service and what they truly expend.

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual amount they receive.