Where Do We Think Life First Formed on the Earth

question 15

Multiple Choice

Where do we think life first formed on the Earth?

• A) In the air
• B) In the oceans
• C) On land
• D) On asteroids that carried microorganisms to Earth

---

Definitions:

Market Failure

A situation where the allocation of goods and services by a free market is not efficient, often leading to negative externalities or a lack of public goods.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product for which each seller offers an identical product.

Deadweight Loss

A loss in economic efficiency that occurs when equilibrium for a good or service is not achieved or is not achievable.

Price Floor

A government-imposed limit on how low a price can be charged for a product, service, or commodity.