Instructions: Choose the Letter on the Accompanying Map of the Northeast

question 84

Short Answer

Instructions: Choose the letter on the accompanying map of the Northeast that correctly identifies each of the following:

Elmira, New York

---

Definitions:

Competition

The rivalry among sellers in the market striving for a greater share of profits by offering the best possible terms to consumers.

New Products

Goods, services, or technologies that have been recently developed and introduced to the market.

Long-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the total output produced by firms in the market over a long period, assuming input factors are variable.