Locate the Following Places by Reference Number on the Map

question 80

Short Answer

Locate the following places by reference number on the map:
​The United States, Spanish Louisiana, and the Old Northwest Around 1789 and Before the Louisiana Purchase 

-____ Kentucky

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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.