Which of the Following Groups Would Be Most Optimistic About

question 128

Multiple Choice

Which of the following groups would be most optimistic about the effects of economic growth?

• A)Environmentalists 
• B)Psychologists 
• C)Economists 
• D)All would be similar in their views

Understand the conditions for long-run equilibrium in purely competitive markets and the achievement of normal economic profits.

Recognize the allocation efficiency in pure competition where production occurs at the output level where P = MC.

Comprehend the differences between short-run and long-run supply curves in purely competitive industries.

Describe the effect of new firms entering or existing firms leaving a purely competitive market on market supply and equilibrium.

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Definitions:

Parasympathetic

Part of the autonomic nervous system that conserves energy by slowing the heart rate and increasing intestinal and gland activity.

Sympathetic

Part of the autonomic nervous system involved in the body's fight or flight response, regulating heart rate, blood flow, and other functions.

Epinephrine

A hormone and neurotransmitter also known as adrenaline; it increases heart rate, constricts blood vessels, and dilates air passages.

Norepinephrine

A neurotransmitter and hormone involved in the body's fight or flight response, affecting blood pressure, heart rate, and sugar metabolism.