Scenario: Suppose a competitive market has ten buyers and ten sellers. The product exchanged in this market is beach hats, which are indivisible. The following table shows the reservation values for both buyers and sellers.
-Refer to the scenario above.If the market is perfectly competitive,the equilibrium price of a hat is ________.
Definitions:
Additive Alleles
Alleles that contribute to the phenotype in an additive manner, where the effect of multiple alleles simply adds up.
Dominant Alleles
Alleles that express their phenotype even when paired with a different allele in a heterozygous genotype.
Recessive Alleles
Genetic variants that must be inherited from both parents to be expressed in the offspring; not expressed when a dominant allele is present.
Genetic Drift
Genetic drift refers to random fluctuations in the frequencies of alleles (variant forms of a gene) within a population, which can lead to the increase or decrease in certain traits over time.
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