According to Figure 13

question 22

Multiple Choice

According to Figure 13.3,what is the approximate amount of the national debt in 2015?

• A)$17.5 trillion
• B)$3.7 trillion
• C)$800 billion
• D)$500 billion

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Definitions:

New Firms

Newly established business entities that have recently started operations, contributing to innovation, competition, and economic dynamics.

Existing Firms

Businesses that are already operating within a market, as opposed to new entrants.

Long Run

A period in economics where all factors of production and costs are variable, allowing for complete industry adjustment to changes.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, leading to competition based on quality, price, and brand.