The Theory of Punctuated Equilibrium Is Based on the Observation

question 36

Multiple Choice

The theory of punctuated equilibrium is based on the observation that

• A) long periods of intense speciation alternate with long brief periods of stasis.
• B) new species appear in the fossil record alongside their unchanged ancestors.
• C) evolutionary change occurs at a constant pace.
• D) change does not occur over time.

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Definitions:

Compensated Demand Function

A demand function that adjusts for changes in income to show how quantities demanded by consumers change in response to a price change while keeping utility constant.

Adequately Paid

Compensation that meets or exceeds the value of the work performed or the qualifications of the individual.

Utility Function

This describes a formula used in economics to quantify the happiness or satisfaction obtained by a consumer from consuming goods and services.

Substitution Effect

The alteration in how goods are consumed as a result of shifts in relative prices, while maintaining the same level of satisfaction for the consumer.