In Center for Biological Diversity V

question 420

True/False

In Center for Biological Diversity v.Marina Point Development Assoc. ,an environmental group challenged construction that was fully permitted,claiming it was injuring habitat.The court held that since the permits were being violated,the builder would be fined and take remedial action to repair habitat damage.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.

Market Period

A very short duration in economics during which the supply of a good is fixed and cannot be adjusted in response to changes in demand.

Long Run

The long run is a period of time in economics where all inputs and factors of production can be varied, allowing companies to adjust all their resources.

Short Run

A period in economics during which at least one input, such as plant size or capital, is fixed, limiting the capacity to adjust to changes in demand or production volume.