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A group of field biologists goes out to mark beetles living in an area around a local pond in order to estimate population size. They capture 500 beetles on the first day. They return the following day and catch a total of 400 individuals, 200 of which are marked. What is the estimated population size for the beetles?
Price
The cost involved in purchasing a specific good or service.
Shortage
A situation where the demand for a product exceeds its supply, often leading to higher prices.
Surplus
The condition that occurs when the quantity of a good or service supplied exceeds the quantity demanded, often leading to lower prices.
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The sum charged by a lender, presented as a percentage of the principal, for a borrower’s access to assets.
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