A Market Is Initially in a Long-Run Equilibrium and There

question 77

Multiple Choice

A market is initially in a long-run equilibrium and there is a permanent increase in demand. After the new long-run equilibrium is reached, there

• A) are the same number of firms in the market.
• B) is no change in the market.
• C) are fewer firms in the market.
• D) are more firms in the market.
• E) probably is a different number of firms in the market, but more information is needed to determine if the number of firms rises, falls or perhaps does not change.

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Definitions:

Selection Differential

A measure of the difference between the mean phenotype of the selected parents and the mean phenotype of the general population.

Narrow Sense Heritability

A measure of how much of the variance in a trait among individuals in a population is due to additive genetic factors.

Neck Length

A physical trait referring to the distance from the base of an animal's skull to its shoulders, significant in studies of natural selection and adaptation.

Evolutionary Change

A change in the genetic composition of a population over successive generations, leading to the development of new species or variation within species.