Murphy's Gas Station Constantly Monitors the Price of Unleaded Gas

question 210

Multiple Choice

Murphy's Gas Station constantly monitors the price of unleaded gas at Johnson's Gas Station. If Johnson's lowers the price of gas, so will Murphy's. This is an example of

• A) network effects.
• B) rent-seeking behavior.
• C) mutual interdependence.
• D) monopoly.

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Definitions:

Calcium Carbonate

A chemical compound with the formula CaCO3, found in rocks (like limestone) and is the main component of shells of marine organisms, snails, and eggs.

Exteroreceptors

Sensory receptors located on or near the surface of the body that respond to external stimuli, including touch, temperature, and sound.

Spiral Organ

Also known as the Organ of Corti, it is located in the cochlea of the inner ear and is responsible for converting sound vibrations into electrical signals for the brain to interpret as sound.