A Taxonomic Grouping That Includes a Single Common Ancestor and All

question 67

True/False

A taxonomic grouping that includes a single common ancestor and all its descendants is called a clade.

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Definitions:

Monopolistically Competitive Firm

A firm that operates in a market structure characterized by many firms selling products that are similar but slightly differentiated, leading to some degree of market power.

Perfectly Competitive

A market structure characterized by a large number of buyers and sellers, homogenous products, free entry and exit, and perfect information.

Long-Run Equilibrium

A state in which all factors of production and variables in the market are at a balance, with no external pressures causing change in the short term.

Economic Profit

A measure of profit that includes all costs, including both the explicit costs of inputs and the implicit costs of capital.