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After eleven years, the descendants of transferred guppies in Venezuela and Trinidad were significantly larger than their ancestors, indicating that the larger size of guppies was a(n) adaptation to the new environment.
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Actual Output
The real quantity of goods and services produced by an economy or firm at a given period, regardless of capacity.
Nominal GDP
The overall economic output of a country, consisting of all final goods and services produced in a defined period, assessed at prevailing market prices without correction for inflation.
Short-Run Aggregate Supply Curve
The short-run aggregate supply curve represents the relationship between the total supply of goods and services that firms in an economy are willing to produce and sell at different price levels, over a short period.
Recessionary Gap
A situation where an economy's real GDP is lower than its potential GDP, indicating underutilized resources and economic slack.
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