In Essay on Government,James Mill

question 9

Multiple Choice

In Essay on Government,James Mill

• A)asserted that the British constitutional monarch should become the referee between factory owners and workers.
• B)denounced nobles for selfish attention to their landed interests.
• C)called on Parliament to regulate the economy.
• D)called on the powers that be to create a new governing system appropriate for the new industrial age.
• E)advocated for universal voting rights as the poor working class had become the engine of the new economy.

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Definitions:

Firm

An organization, especially one involved in business or commerce, that produces and sells goods or services.

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.

Profit-Maximizing Output

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

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, engaged in commercial, industrial, or professional activities.