The Smallest and Most Significant Taxon Is a ______

question 23

Multiple Choice

The smallest and most significant taxon is a ______.

• A)kingdom
• B)phylum
• C)species
• D)family
• E)genus

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Definitions:

Socially Optimal Quantity

The level of production or consumption that maximizes social welfare, considering all costs and benefits to society.

Equilibrium Quantity

The quantity of goods or services bought and sold at the equilibrium price, where demand equals supply.

Negative Externality

occurs when the production or consumption of a good or service imposes costs on third parties not directly involved in the transaction.

Government Intervention

Actions taken by a government to influence or regulate the economy or specific industries, often to correct market failures or promote social welfare.