Since the Endangered Species Act of 1973 Was Passed,about _______________

question 6

Multiple Choice

Since the Endangered Species Act of 1973 was passed,about _______________ species of animals and ______________ species of plants and lichens have been placed on the list of threatened or endangered species.

• A)500, 700
• B)200, 100
• C)1000, 2000
• D)300, 300
• E)20, 50

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Definitions:

Market Shortage

A situation where the demand for a product exceeds its supply in the market, leading to scarcity.

Equilibrium Price

The price at which the supply of an item equals the demand for it, resulting in no excess supply or demand.

Binding Price Ceiling

A maximum price set by the government below the equilibrium price, leading to shortages as the demand exceeds supply.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given time period.