Among All Forms of Life,humans Stand Out as the Only

question 30

Multiple Choice

Among all forms of life,humans stand out as the only species that

• A)relies on culture to ensure survival.
• B)has patterned ways of living.
• C)has biological instincts.
• D)makes use of tools.

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Definitions:

Ideal Economic Efficiency

Achieving the optimum level of output and resource allocation where no individual or preference can be made better off without making someone else worse off.

Monopolist

A market participant that is the sole seller of a good or service, with significant control over its price.

Output Increase

Refers to a rise in the quantity of goods or services produced by an individual, company, or economy over a given period.

Economies of Scale

The decrease in unit cost that results from enhanced scale of operations, highlighting how companies can save on costs per unit by expanding their production scope.