The Most Likely Explanation for the High Rate of Sympatric

question 14

Multiple Choice

The most likely explanation for the high rate of sympatric speciation that apparently existed among the cichlids of Lake Victoria in the past is

• A) sexual selection.
• B) habitat differentiation.
• C) polyploidy.
• D) pollution.
• E) introduction of a new predator.

Identify the conditions under which a firm will choose to produce or shut down in the short run based on cost and price information.

Analyze production functions and the impact of input choices on a firm’s cost.

Determine quasi-fixed costs from given cost function information.

Calculate the optimal level of production for competitive firms given market prices.

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Definitions:

Noncollusive Oligopoly

A market structure where a few firms dominate but do not explicitly coordinate their pricing and output decisions, leading to competitive but interdependent market outcomes.

Game Theory

A branch of mathematics and economics that studies the strategic interactions among rational decision-makers, aiming to predict their choices of action given the rules of the game and the actions of others.

Oligopoly

A market structure dominated by a small number of large firms, leading to limited competition and potentially collaborative behavior that influences prices and production.

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged, indicating an optimal strategy set for all players.