The Larger the Number of Firms in an Industry and the Less

question 27

True/False

The larger the number of firms in an industry and the less the extent of product differentiation, the greater will be the elasticity of the individual seller's demand curve.

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Definitions:

Phyletic Gradualism

The idea that evolution occurs by a slow, steady accumulation of genetic changes over time; also called gradualism. Compare with punctuated equilibrium.

Stabilizing Selection

A type of natural selection that favors the average individuals in a population, reducing variation.

Fossil Record

The accumulation of evidences, such as bones, shells, or imprints, left by organisms in sedimentary rocks, providing a historical sequence of life on Earth.

Speciation

The evolutionary process by which populations evolve to become distinct species, typically through genetic isolation from other populations.