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When industrialization covered British trees with soot, moths with darker coloring became more numerous. When pollution was reduced again, lighter colored moths became more numerous. This situation illustrates the process of
Perfectly Competitive
A market structure where many firms offer a homogeneous product, there are no barriers to entry or exit, and all firms are price takers.
Oligopolistic
Oligopolistic refers to a market structure characterized by a small number of large firms dominating the market, leading to limited competition.
Marginal Cost
The extra expense derived from the production of an additional unit of a product or service.
Perfectly Competitive
A market structure characterized by a large number of firms selling identical products, with no single firm able to influence the market price.
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