In the Spring, You Pass by a Rocky Outcrop That

question 46

Multiple Choice

In the spring, you pass by a rocky outcrop that is dripping with water and covered with a carpet of short green plants. In the summer, you notice that water is no longer dripping off the rock, and the plants appear brittle and dry. In the fall, the rock is again wet, and the plants now appear soft and green. These plants are MOST likely to be:

• A)angiosperms.
• B)gymnosperms.
• C)algae.
• D)lycophytes.
• E)bryophytes.

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Definitions:

Allocative Efficiency

A state of the market where resources are allocated in a way that maximizes total consumer and producer surplus.

Oligopolistic Industry

A market structure characterized by a small number of firms dominating the industry, leading to limited competition.

Collude

To cooperate or conspire, especially in a secretive way, with others to deceive or cheat.

Herfindahl Indexes

A measure of market concentration used to determine the level of competition among firms within an industry, calculated by summing the squares of the market shares of each firm.