Define the Following Terms and Explain Their Importance to the Study

question 32

Essay

Define the following terms and explain their importance to the study of economics.
a. marginal cost
b. marginal revenue
c. short-run equilibrium
d. supply curve of the firm
e. economic profit

---

Definitions:

Directional Selection

A form of natural selection where one extreme phenotype is favored over others, causing the allele frequency to shift in one direction.

Extreme Phenotype

The manifestation of traits at the extreme endpoints of a genetic expression spectrum.

Inbreeding

The breeding of closely related individuals, which increases the risk of offspring inheriting genetic defects.

Nonrandom Mating

A mating pattern in which individuals choose partners based on particular traits, leading to non-random distribution of alleles in the population.