By the Late Twentieth Century, Most Americans Were Likely to

question 37

Multiple Choice

By the late twentieth century, most Americans were likely to

• A)remain in the same occupation for their entire life.
• B)switch occupations once.
• C)switch employers several times before retiring.
• D)take a long time to settle on a career.
• E)be unable to find jobs.

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Definitions:

Negative Externalities

Unintended adverse effects on third parties not involved in an economic transaction, like pollution.

Monopolistic Competition

A market structure in which there are many competing producers in an industry, each producer sells a differentiated product, and there is free entry and exit into and from the industry in the long run.

Barriers To Entry

Factors that prevent or hinder new competitors from easily entering an industry or area of business.

Product Differentiation

The attempt by firms to convince buyers that their products are different from those of other firms in the industry. If firms can so convince buyers, they can charge a higher price.