Environmental Conditions Often Vary Spatially but Do Not Tend to Change

question 21

True/False

Environmental conditions often vary spatially but do not tend to change over time in a given place.

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Definitions:

External Benefits

Positive effects of a product or a decision that are enjoyed by people other than those who decide to produce or consume the product.

Allocation of Resources

The process by which resources are distributed for the production of goods and services within an economy.

Market Equilibrium

A state in a market where the quantity demanded by consumers equals the quantity supplied by producers, leading to a stable price for the goods or services.