In Factor Markets

question 56

Multiple Choice

In factor markets,

• A)individual consumers are the demanders
• B)equilibrium cannot be defined
• C)there is an excess supply
• D)firms are the demanders
• E)labor and capital are viewed by firms as perfect substitutes

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Definitions:

Unconformity

A surface of erosion or non-deposition that separates younger strata from older rocks, indicating a gap in the geologic record.

Conglomerate

A conglomerate is a coarse-grained sedimentary rock composed of rounded fragments larger than 2 mm in diameter, embedded in a matrix of finer particles and cement.

Shale Layer

A shale layer is a sedimentary rock formation characterized by fine-grained clay particles, often found in various geological strata and known for being a source of oil and natural gas through hydraulic fracturing.

Geologic Events

Significant occurrences in the Earth's history that have shaped its surface and structure, including volcanic eruptions, earthquakes, and glaciations.