Robert Fulton is most recognized for
a. inventing of the cotton gin.
b. building the first steamboat.
c. being one of the primary advocates of the abolition movement.
d. developing the technology to power railroad engines.
b. building the first steamboat.
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For a product with external benefits that is produced in a competitive, unregulated market, how can the resulting market output be described?
A) underproduction compared to the efficient level B) overproduction compared to the efficient level C) production equals the efficient level D) Underproduction or overproduction are both possible depending on whether the external benefit is to consumption or production. E) None of the above is correct.
Changes in the size of an industry may cause supply to shift
a. True b. False Indicate whether the statement is true or false