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The following questions refer to the paragraph below.
An elementary school science teacher decided to liven up the classroom with a salt-water aquarium. Knowing that salt-water aquaria can be quite a hassle, the teacher proceeded stepwise. First, the teacher conditioned the water. Next, the teacher decided to stock the tank with various marine invertebrates, including a polychaete, a siliceous sponge, several bivalves, a shrimp, several sea anemones of different types, a colonial hydra, a few coral species, an ectoproct, a sea star, and several gastropod varieties. Lastly, some vertebrates-a parrotfish and a clownfish-were added. She arranged for daily feedings of copepods and feeder fish.
-Had the teacher wanted to point out organisms that belong to the most successful animal phylum, the teacher should have chosen the 1. bivalves.
2) sea anemones.
3) shrimp.
4) polychaete.
5) copepods.
Substitution
The action of replacing one good or service with another based on changes in relative prices, incomes, or preferences.
Indifference Curve
A graph showing different combinations of two goods that provide the same level of utility or satisfaction to a consumer.
Utility
In economics, a measure of satisfaction, usefulness or value that an individual gains from consuming goods and services.
Consumption Bundle
A combination of goods and services selected by a consumer for personal use.
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