The Supercontinent Pangaea Is Believed to Have Been

question 282

Multiple Choice

The supercontinent Pangaea is believed to have been

• A) a myth, part of the Atlantis legend.
• B) the first continent to rise from the sea, which broke up 200 million years ago.
• C) the result of a collision of continents, of a type that occurs roughly every 500 million years.
• D) the original surface of Earth, before the oceans formed.

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Definitions:

Monopolistic Pricing

This refers to the practice by a monopolist to set prices higher than in competitive markets because they control a large portion of the market for a particular good or service.

Horizontal Demand

A market demand situation where a small change in price leads to a large change in quantity demanded, often indicative of a highly competitive market.

Elastic Demand

is a situation where the demand for a product or service significantly changes in response to a change in price.

Price Discrimination

Price Discrimination is the strategy of selling the same product at different prices to different groups of customers, based on their willingness to pay.