The Developmental Disability Called Phocomelia Affects

question 172

Multiple Choice

The developmental disability called phocomelia affects

• A)the distribution and texture of hair on the head.
• B)later intellectual abilities and performance.
• C)the appearance of the face.
• D)the development of legs or arms.

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Definitions:

Constant Cost Industry

An industry in which the costs of production do not change as the industry's output changes.

Natural Monopoly

A market situation in which the average costs of production continually decline with increased output. In a natural monopoly, the average costs of production will be lowest when a single, large firm produces the entire output demanded by the marketplace.

Perfectly Elastic

Perfectly elastic refers to a situation in economic theory where the quantity demanded or supplied of a good changes infinitely in response to any change in price.

Price-taker Industry

An industry in which companies have no control over the prices they charge because these prices are determined by the overall supply and demand in the market.