Although Americans Generally Tend to Dislike ________, They Are Relatively

question 34

Multiple Choice

Although Americans generally tend to dislike ________, they are relatively happy with ________.

• A) their own representatives; the American political system
• B) the U.S. Congress as a whole; their own representatives
• C) both of their state's U.S. senators; their representative in the U.S. House
• D) democracy; their own representatives

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Definitions:

Exit the Industry

The process by which a business ceases operations in a particular market or industry, usually due to economic pressures or lack of profitability.

Zero Economic Profit

A situation in which a firm's total revenues equal its total costs, earning a normal profit but no economic profit.

Perfectly Competitive

A market structure characterized by many sellers, homogeneous products, and free entry and exit, leading to price determination by supply and demand.

Long-Run Industry Supply Curve

The long-run industry supply curve shows how the quantity supplied by an industry varies with price once all adjustment has been made, including the entry and exit of firms.