The Dominant Type of Flora in Non-Swampy Areas of the Late

question 52

Short Answer

The dominant type of flora in non-swampy areas of the Late Paleozoic was ____________________.

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Definitions:

Normal Good

A type of good for which demand increases as the income of individuals rises, holding all other factors constant.

Giffen Good

A product for which demand increases as its price increases, contrary to the standard demand model, due to the interplay of income and substitution effects.

Income Effect

The change in an individual's or economy's income and how that change affects the quantity demanded of a good or service.

Price Decrease

A reduction in the cost of a good or service, which can increase consumer demand but may decrease supplier profits.