The Resources Needed for Growing Cucumbers Are Relatively Abundant

question 154

Multiple Choice

The resources needed for growing cucumbers are relatively abundant. Many new firms could enter this industry with no change in costs. If that happens, the

• A) long-run industry supply curve will slope upward.
• B) long-run industry supply curve will be horizontal.
• C) long-run industry supply curve will slope downward.
• D) average fixed cost curve will shift downward.

---

Definitions:

Federal Power

The authority and influence held by a federal government, encompassing powers shared or distributed between the national government and its subdivisions.

Hamilton's Tax Programs

Economic policies and tax measures implemented by Alexander Hamilton, the first U.S. Secretary of the Treasury, to stabilize the young nation’s finances.

Democratic-Republicans

A political party established in the 1790s by Thomas Jefferson and James Madison in early America, promoting the rights of states and a restrained federal government.

Duel

A formalized combat between two individuals, traditionally conducted with weapons in the presence of witnesses, to settle a point of honor.