Economic Change in the Sixteenth and Seventeenth Centuries Transformed the Character

question 20

Multiple Choice

Economic change in the sixteenth and seventeenth centuries transformed the character of city governments by

• A)increasing the power of privileged landed families.
• B)eliminating guild control of many cities.
• C)tying town interests more closely to royal interests.
• D)changing the character of town councils from commercial interests to landed wealth.
• E)All of these.

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Definitions:

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from revenue; also known as supernormal profits.

Industry Growth

The increase in the production or sales in a particular industry over a specific period, often driven by factors such as technological advances and increases in demand.

Normal Profits

The required minimum level of profit needed for a company to remain competitive in the market; it is part of the firm's opportunity costs.

Short-run Equilibrium

A state in which market supply and demand balance each other, and as a result, prices become stable, often in a temporal context.