Data presented in the text compare exports per capita in the early 1790s with exports per capita just prior to the Revolution. The data show that by the early 1790s, exports per capita had increased in _____________, but had decreased in ___________________
a. the Upper South; the Lower South
b. the Upper South; New England
c. New England; the Middle Atlantic states
d. the Middle Atlantic states; the Upper and Lower South
d. the Middle Atlantic states; the Upper and Lower South
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A monopolistically competitive market
a. usually has too many firms, reducing the economic profit of each firm to zero. b. usually has too few firms, reducing the product variety for consumers. c. may have too many or too few firms, and the government can intervene to achieve the optimal number of firms. d. may have too many or too few firms, but the government can do little to rectify the situation.
In long-run equilibrium, output is expanded to the minimum long-run average total cost by:
A. perfectly competitive firms but not by monopolistically competitive firms. B. monopolistically competitive firms but not by perfectly competitive firms. C. both monopolistically competitive firms and perfectly competitive firms. D. neither perfectly competitive firms nor monopolistically competitive firms.