Match Each Phrase with Its Correct Term

question 63

Multiple Choice

Match each phrase with its correct term.
-Population

• A)Populations of species in a area
• B)Mussels on a rocky shore
• C)Sum of biotic processes interacting in a large area with similar abiotic factors

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Definitions:

Excess Capacity

The situation in which a firm is producing at a lower scale of output than it has been designed for, typically because of declining demand.

Monopolistically Competitive Firms

Monopolistically competitive firms operate in a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and price setting.

Price Elasticity

An indicator of the responsiveness of the quantity demanded of a product or service to variations in its price.

Demand Curve

A visual chart that illustrates how the price of a product affects the amount of the product that consumers are prepared to purchase.