What Did Total War Mean

question 47

Multiple Choice

What did total war mean?

• A)That all branches of the armed services were involved in the war.
• B)That all citizens became soldiers.
• C)Unprecedented governmental mobilization of society.
• D)Wholehearted determination to win the war.
• E)A sharp increase in diseases for civilians because of food scarcities.

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Definitions:

Excess Capacity

A situation where a firm is producing at a level less than its potential maximum output, indicating underutilization of resources.

Monopolistically Competitive

An economic scenario where multiple companies offer products that are alike but not exactly the same, providing them with a certain level of influence over the market.

P < ATC

A situation where the price of a good is less than the average total cost of producing that good, indicating a potential loss to the firm.

Optimal Output

The level of production where marginal cost is equal to marginal revenue, maximizing profit or utility.