What Was LUCA

question 36

Multiple Choice

What was LUCA?

• A) the first life-form
• B) a population of life-forms that was the last common ancestor of life on Earth today
• C) the only life-form present before our current lineage
• D) the last universal ancestral life-form: a single individual

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Definitions:

External Costs

External costs, also known as negative externalities, are the costs experienced by third parties who are not involved in an economic transaction, often not reflected in market transactions.

Market Price

The market price at which you can currently buy or sell a service or asset.

Efficient Equilibrium

A state in an economy where every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

External Benefits

Benefits resulting from a transaction that affect parties not directly involved in the transaction, often leading to positive outcomes for society.