TIGER

question 51

Multiple Choice

TIGER:

• A)is a software package combining the ability to draw detailed maps with the power to search through databases.
• B)records data not available through the census and includes eleven indicators of economic growth.
• C)contains the names of every street in the country and detailed block statistics for 345 urban areas.
• D)breaks down the population,retail sales,etc.by census region.

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Definitions:

Perfect Competitor

An ideal market condition where numerous small firms compete against each other, and goods are sold at their marginal cost.

Long Run

A period in economic theory where all factors of production and costs are variable, allowing companies to adjust to market conditions fully.

Perfect Competitor

A theoretical market structure where many firms sell an identical product, entry and exit from the market are easy, and no single seller can influence the market price.

Long Run

A period of time in which all factors of production and costs are variable, and companies can adjust all inputs.