In a General Equilibrium Setting, the Demand Curves for Production

question 11

Multiple Choice

In a general equilibrium setting, the demand curves for production inputs are determined by:

• A)utility maximization by firms.
• B)profit maximization by firms.
• C)cost minimization by firms.
• D)utility maximization by consumers.

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Definitions:

Gallflies

Gallflies are a type of insect known for inducing growths, or galls, on plants, within which they then live and feed.

Parasitoid Wasps

Insects that lay their eggs on or in other insects, with the larvae eventually killing the host.

Stabilizing

A type of natural selection that favors the average individuals in a population, thereby maintaining the population's genetic variation.

Directional

In evolutionary biology, a type of natural selection that favors one extreme phenotype over others, causing a shift in the population's phenotypic distribution over time.