After the Formation of the European Community (EC), Three New

question 135

Multiple Choice

After the formation of the European Community (EC) , three new nations were admitted in 1973 based on their conformance and compatibility with existing democratic norms, economic stability, and economic development. The nations were:

• A) Portugal, Spain, and Finland.
• B) Belgium, the Netherlands, and Luxembourg.
• C) Denmark, Ireland, and the United Kingdom.
• D) Italy, Greece, and Turkey.

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Definitions:

Close Substitutes

Close substitutes are products or services that can serve as nearly identical alternatives for consumers, making them likely to switch if the price or quality of one changes.

MC = MR

A condition where marginal cost equals marginal revenue, often used to determine the profit-maximizing level of output in economic theory.

Monopolistically Competitive Industry

A market structure in which many firms sell products that are similar but not identical, allowing for competition based on quality, price, and marketing.

Output

The quantity of goods or services produced within a given time period.