Homeostasis MeANS

question 17

Multiple Choice

Homeostasis meANS:

• A)The tendency for a system to maintain a relatively stable, constant state of equilibrium or balance
• B)A set of elements that is orderly and interrelated to make a functional whole
• C)A system's tendency to move from a more simplified to a more complex existence
• D)The fact that there are many different means to the same end

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, such as labor, in the production process.

Labor Supply Curve

A visual diagram that illustrates the connection between the amount of wages and the volume of labor that employees are prepared to offer.

Income Effect

Change in consumption of a good resulting from an increase in purchasing power, with relative prices held constant.

Substitution Effect

Change in consumption of a good associated with a change in its price, with the level of utility held constant.