While on a Field Trip near the Ocean Coastline,you Visit

question 18

Multiple Choice

While on a field trip near the ocean coastline,you visit a company that harvests jellylike substance from protists.This substance can be used as food,or in biology lab dishes for culturing organisms that have red-blue pigments,and store starch like plants.The company extracts the substance from multicellular plant-like organisms.You are observing the economic values of

• A) agar and carrageenan, which are both economic commodities from protists.
• B) red ooze from decaying protist cells.
• C) gelatin, which makes up the cytosol of most cells.
• D) carrageenan, a polysaccharide.
• E) agar, a polysaccharide.

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Definitions:

Marginal Cost

The extra expense associated with manufacturing an additional unit of a product or service.

Maximum Willingness

Describes the highest amount a consumer is willing to pay for a good or service, reflecting the maximum value they derive from it.

Producer Surplus

The discrepancy between the acceptable payment to producers for a good or service and the real compensation they receive.

Consumer Surplus

The variance between the sum consumers are ready and able to spend on a good or service and what they really pay.