The Early Voyages of the Scandinavian Seafarers Did Not Result

question 74

Multiple Choice

The early voyages of the Scandinavian seafarers did not result in permanent settlement in North America because  

• A) the Native Americans drove them out.
• B) the area in which they landed could not support a large population.
• C) no nation-state supported these ventures.
• D) British adventurers defeated the Scandinavians in 1066.
• E) the settlers died of disease.

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Definitions:

Monopolistic Competition

Monopolistic competition describes a market structure where numerous firms sell products that are similar but not identical, allowing for competition based on quality, brand, and price.

Long-Run Equilibrium

A state in a market where all factors of production and costs are variable, leading to no economic profit for firms in perfect competition.

Monopolistically Competitive

A market structure characterized by many firms offering products that are similar but not identical, allowing for some degree of market power.

Average Total Cost

Total cost divided by quantity of output produced. Also referred to as average cost.