Place the Following in Correct Order from Least to Most

question 11

Multiple Choice

Place the following in correct order from least to most closely related to modern humans: (1) orangutans,(2) monkeys,(3) Homo erectus,(4) Australopithecus afarensis.

• A)1, 2, 3, 4
• B)4, 3, 2, 1
• C)2, 1, 3, 4
• D)2, 1, 4, 3

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Definitions:

Cournot Equilibrium Price

A concept in economics where firms reach a state in which each firm chooses the quantity to produce to maximize its profit, given the quantities chosen by other firms in the market.

Inverse Demand Function

A mathematical representation showing the relationship between the price of a good and the quantity demanded, expressed as price as a function of quantity.

Unit Cost

The cost incurred to produce, store, and sell one unit of a product or service.

Bertrand Model

An economic model that describes interactions between firms that compete by setting prices, assuming products are perfect substitutes.