Refer to the Information Provided in Figure 8

question 326

Multiple Choice

Refer to the information provided in Figure 8.11 below to answer the question(s) that follow. Figure 8.11
-Refer to Figure 8.11. Assuming the wool market (industry) is perfectly competitive and the industry consists of 100 firms of identical size, each firm would produce an average of ________ pounds of wool and sell the wool for ________ per pound.

• A) 50; $0.03
• B) 5,000; $3.00
• C) 5,000; $0.03
• D) 50; $3.00

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Definitions:

John Winthrop

An English Puritan lawyer and one of the leading figures in founding the Massachusetts Bay Colony, the second major settlement in New England following Plymouth Colony.

City Upon a Hill

A metaphor from a sermon by Puritan leader John Winthrop, this term highlights the belief that the American colonies had a special mission to serve as a beacon of purity and morality.

Puritans

A collective of Reformed Protestants in England during the 16th and 17th centuries aimed to cleanse the Church of England of its practices deemed "Catholic".

British Colonization

The process by which Britain established and expanded colonies overseas between the 16th and 20th centuries.