Olfaction Allows Humans and Animals to Perceive

question 39

Multiple Choice

Olfaction allows humans and animals to perceive:

• A)Changes in air pressure"
• B)Photons"
• C)Airborne chemicals"
• D)Mechanical stimuli"

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Definitions:

Purely Competitive

A market structure characterized by many buyers and sellers, all selling identical products, with no single buyer or seller able to influence the market price.

Diminishing Marginal Returns

A principle stating that if one factor of production is increased while other factors are held constant, the additional output generated will eventually decrease, related to diminishing marginal utility but applied to production.

Short-Run Equilibrium

A condition in a market or economy where all forces are balanced, but only temporarily; prices and output may change until a long-run equilibrium is achieved.

Long-Run Equilibrium

A condition where an economy or market achieves a stable state after adjustments, where supply equals demand over an extended period.