When Thomas Jefferson Wrote About the "Pursuit of Happiness" in the Declaration

question 47

Multiple Choice

When Thomas Jefferson wrote about the "pursuit of happiness" in the Declaration of Independence, he was actually tapping into which of the following?

• A) the ideals of liberty
• B) fair and equal justice
• C) equality of outcome
• D) the American Dream

---

Definitions:

Perfect Competition

A market structure characterized by a large number of small firms, homogeneous products, free entry and exit, and perfect information, leading to firms being price takers.

Diminishing Marginal Returns

A principle stating that as more of a variable input is added to a fixed input, the additional output from each new unit of input will eventually decrease.

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.

Sergei's Profit

A hypothetical measure of earnings named for an individual, illustrating the net gain after subtracting expenses from revenue.