Which of the Following Statements Is Not True

question 64

Multiple Choice

Which of the following statements is not true?

• A)Luther believed that the cycle of sin, confession, contrition, and penance was too harsh.
• B)According to Luther, one is saved only by grace.
• C)Luther felt that all believers are priests.
• D)According to Luther, penance or charitable acts were not considered important to God.
• E)God disregarded faith as entrance into heaven.

---

Definitions:

Economic Efficiency

A condition where resources are allocated in a way that maximizes the production of goods and services, and minimizes waste and inefficiency.

Economic Profit

The difference between total revenues and total costs, including both explicit and implicit costs, representing the financial gain in undertaking a particular business activity.

MR = MC

An economic condition where a firm's marginal revenue equals its marginal cost, often used to determine the profit-maximizing level of production.

Market Equilibrium

A state where the supply of a good matches its demand, with no external pressure to change the price or quantity available in the market.