Some of the More Advanced Native American Cultures Did All

question 40

Multiple Choice

Some of the more advanced Native American cultures did all of the following except

• A) engage in significant ocean voyages of discovery.
• B) establish large, bustling cities.
• C) make strikingly accurate astronomical observations.
• D) study mathematics.
• E) carry on commerce.

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Definitions:

Long Run

A period sufficient for all inputs to production, including capital, to be varied.

Long Run

A period of time sufficient for all markets to adjust to changes, including the reallocation of resources and entrance or exit of firms in an industry.

Perfectly Competitive Industries

Markets where no single buyer or seller has the power to influence prices, and where products are homogeneous and information is freely available.

Easily Enter And Exit

A term used to describe a market condition where barriers to entry and exit are low, allowing for free movement of firms into and out of the industry.