The Process of Adjustment to a New Long-Run Equilibrium in a Perfectly

question 36

Multiple Choice

The process of adjustment to a new long-run equilibrium in a perfectly competitive industry is complete when

• A)no firms want to enter or exit the industry.
• B)every firm has adjusted its production process to make the most efficient use of its resources.
• C)investors in the industry receive the standard economy-wide rate of return on their investments.
• D)All of the responses are correct.

Know the demographics of poverty within the United States, including who is most affected.

Describe how time affects income inequality and understand social insurance programs in the United States.

Understand the difference between income and wealth and how wealth contributes to income inequality.

Distinguish between social insurance and public assistance programs and their role in income maintenance.

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Definitions:

Meissner Corpuscles

Touch receptors located in the upper dermis, primarily responsible for sensitivity to light touch.

Pacinian Corpuscles

Sensory receptors in the skin sensitive to pressure and vibration, helping organisms perceive touch and pressure changes.

Ruffini Endings

Sensory receptors in the skin that detect stretch, pressure, and heat, contributing to the sense of touch.

Root Hair Plexus

A network of root hair cells that increases a plant's surface area for water and nutrient absorption from the soil.