The Third Wave of Democratization Began with the

question 37

Multiple Choice

The third wave of democratization began with the

• A) end of colonialism in Africa.
• B) collapse of communism in Eastern Europe.
• C) rise of global terrorism following the September 11 attacks.
• D) growing democratic tendencies in China.

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Definitions:

Long-run Adjustments

Changes a firm or industry makes over a long period to adapt to changes in demand, technology, or other economic factors.

Allocative Efficiency

Occurs when resources are distributed in a way that maximizes the net benefit to society, with goods and services produced at the level where the last unit provides a benefit equal to its cost of production.

Purely Competitive Industry

An industry characterized by many sellers offering identical products where each seller is a price taker due to market forces.

Supply

The complete volume of a good or service offered for sale at a specified price range in a certain market area.