Examlex
In the "Finding Food" episode of his series Trials of Life, Sir David Attenborough features a hummingbird species that feeds almost exclusively on the nectar of the Heliconia flower. He explains that each hummingbird has a circuit that takes it from one plant to another, with the bird arriving regularly at a given flower after a set period. It could take 30 minutes, more or less, to complete the round trip. The hummingbird does not immediately insert its beak into many Heliconia flowers but hesitates before approaching the flowers more closely. How might this hesitation still be consistent with at least one optimal foraging hypothesis? (Consider the different factors that might contribute to true optimality.)
Competitive Equilibrium
A state in a market where supply equals demand, with no external influences altering the price or quantity.
Constant-Cost Industries
Industries where the costs of production do not change as the total output increases or decreases.
Economic Efficiency
A state where resources are allocated in a way that maximizes the production of goods and services.
Constant-Cost Industry
An industry in which the costs of production, including input prices, do not change as the industry's output changes.
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