A Chemical Substance That Is Extremely Stable and Takes Years

question 20

Multiple Choice

A chemical substance that is extremely stable and takes years to break down into a less toxic form would be considered to be:

• A)Persistent
• B)bioaccumulating
• C)chronic
• D)biomagnified

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Definitions:

Inelastic Demand

A situation where the demand for a good or service changes very little in response to changes in price.

Cournot Model

A model of oligopoly in which firms choose their output levels simultaneously, assuming the output of the rivals as given, to maximize their own profit.

Collude

To come to a secret understanding for a harmful purpose; conspiracy between firms to fix prices or otherwise restrict competition.

Tacit Collusion

A situation where firms in a market understand each other's behaviors and outcomes without direct communication, leading to a form of non-competitive equilibrium.