Universalists Believed That

question 38

Multiple Choice

Universalists believed that:

• A) the universe is continually expanding
• B) rich people are blessed by God
• C) God predestined only a few for salvation
• D) everyone could be saved
• E) Americans are God's chosen people

---

Definitions:

New Firms

New firms are companies that have recently entered a market, bringing fresh competition and innovation to the industry.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.

Monopolistic Competition

describes a market structure where many firms sell products that are similar but not identical, leading to competition.

Allocative Efficiency

A state of the economy where resources are allocated in a way that maximizes the overall welfare or utility of consumers.