The Two Important Developments in American Life by 1845 Reflected

question 30

Multiple Choice

The two important developments in American life by 1845 reflected in Kennard's essay were

• A)new expectations of national growth,and universal suffrage.
• B)the elimination of slavery,and new expectations of national growth.
• C)a rising nationalism,and the elimination of slavery.
• D)a rising nationalism,and new expectations of national growth.

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Definitions:

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.

Long-Run Profits

The amount of money a firm makes after all inputs have been adjusted to their optimal levels, considering the long-term outlook.

Short-Run Profits

Profits earned during a brief period of time, not considering long-term investments or fixed costs.