Use the Following to Answer Questions

question 19

Multiple Choice

Use the following to answer questions:
Select the word or phrase from the Terms section that best matches the definition or example provided in the Definitions section.
Terms
-Military rulers of Japan who successfully unified Japan politically by the early seventeenth century and established a closed-door policy toward European encroachments.

• A)Indian Ocean commercial network
• B)trading post empire
• C)Philippines (Spanish)
• D)British/Dutch East Indian companies
• E)Tokugawa shogunate
• F)"silver drain"
• G)Potosí
• H)soft gold
• I)African diaspora
• J)Benin
• K)Dahomey
• L)Ayuba Suleiman Diallo

Differentiate between average revenue, marginal revenue, and their importance to profit-maximizing firms.

Understand conditions under which the long-run supply curve can be perfectly elastic or slope upward.

Identify circumstances that display the rationale behind seemingly irrational market behaviors.

Describe the role of price takers in a competitive market.

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Definitions:

Verbs

Words that describe actions, states, or occurrences in sentences.

Nouns

Words that name people, places, things, or ideas.

Marginal Cost Curve

A graphical representation showing how the marginal cost of production varies with the quantity of output produced.

Demand Curve

A visual depiction that illustrates the correlation between a product's price and the amount consumers are willing to buy.