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The following questions refer to the description below.
Terry catches a ray-finned fish from the ocean and notices that attached to its flank is an equally long, snakelike organism. The attached organism has no external segmentation, no scales, a round mouth surrounded by a sucker, and two small eyes. Terry thinks it might be a marine leech, a hagfish, or a lamprey.
-Terry detaches the snakelike organism from the fish and uses a knife to cut off its head. In doing so, its brain slides out onto the deck of the boat. Terry peers into the cut end of the head and notices that the brain had lain in a sort of panlike structure that only partially surrounded the brain. What is the structure Terry is observing, and what is it made of?
Purely Competitive Firm
Describes a business that operates in a market where no single company can influence prices, due to the presence of many sellers offering identical products.
Output
The quantity of goods or services produced in a certain period of time by a person, machine, or industry.
Price Taker
A market participant who has no influence over the market price and must accept the prevailing market price for its products or services.
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