Describe the Evolutionary Relationship of Lancelets to Tunicates and to Hagfishes

question 19

Essay

Describe the evolutionary relationship of lancelets to tunicates and to hagfishes. Are lancelets more closely related to tunicates or to hagfishes, or are they equally related?

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Definitions:

Shortage

A market condition occurring when the demand for a product or service exceeds the supply available at a specific price.

Equilibrium Level

The state of balance where demand equals supply in a market, resulting in an optimal distribution of resources without excess supply or demand.

Price Ceiling

A maximum legal price above which a product cannot be sold; to have an impact, a price ceiling must be set below the equilibrium price.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.