To Predict Floods,scientists

question 30

Multiple Choice

To predict floods,scientists

• A) monitor a stream's water levels.
• B) evaluate a stream's past behavior.
• C) assume the same behavior as last year.
• D) monitor water levels and evaluate past behavior for a stream.

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Definitions:

Stackelberg Leader

A firm in a duopoly that maximizes its profit by making the first move and setting its output level, anticipating the response of the follower firm.

Maximize Profits

The process of making the most favorable decisions to achieve the highest possible earnings after expenses.

Conjectural Variation

An expectation of how rival firms will react to a change in the quantity and price of goods a firm markets.

Demand Function

A mathematical formula that describes the relationship between the quantity demanded of a good and its various determinants such as price, income, and substitute prices.