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A primary school science teacher decided to liven up the classroom with a saltwater aquarium. Knowing that saltwater aquaria can be quite a hassle, the teacher proceeded stepwise. First, the teacher conditioned the water. Next, the teacher decided to stock the tank with various marine invertebrates, including a polychaete, a siliceous sponge, several bivalves, a shrimp, several sea anemones of different types, a colonial hydra, a few coral species, an ectoproct, a sea star, and several herbivorous gastropod varieties. Lastly, she added some vertebrates-a parrot fish and a clown fish. She arranged for daily feedings of copepods and feeder fish.
-The teacher and class were especially saddened when the colonial hydrozoan died. They had watched it carefully, and the unfortunate creature never even got to produce offspring by budding. Yet, everyone was elated when one of the students noticed a small colonial hydrozoan growing in a part of the tank far from the location of the original colony. The teacher was apparently unaware that these hydrozoans exhibit ________.
Elastic Supply
Refers to a situation where the quantity of a good supplied by producers changes significantly in response to a small change in its price.
Inelastic Demand
A market situation where the demand for a product does not significantly change in response to price changes.
Inelastic Supply
A scenario in which the amount of a product or service provided is not significantly affected by variations in its price.
Luxury Tax
A tax imposed on expensive goods which are considered non-essential, aimed at discouraging their purchase or generating government revenue from luxury items.
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