Homeostasis Refers to the Maintenance of a Fluctuating Internal Environment

question 70

True/False

Homeostasis refers to the maintenance of a fluctuating internal environment, varying in response to changes in the external environment.

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Definitions:

Pure Rent

Payment to a factor of production (land, specifically) in excess of what is needed to keep it in its current use.

Fixed Supply

A situation where the quantity of a good, service, or resource is limited and cannot be changed in the short run, often leading to inelastic supply.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of that good that sellers are willing to supply.

Perfectly Inelastic

Describes a situation in which the quantity demanded or supplied does not change in response to a price change.