By About the 1940s, a Split Between Liberals and Conservatives

question 57

Multiple Choice

By about the 1940s, a split between liberals and conservatives developed in the Democratic Party that focused on

• A) labor and civil liberties measures.
• B) New Deal economic policies and civil rights measures.
• C) education and civil rights measures.
• D) war and New Deal economic policies.

---

Definitions:

Monopolistic Competition

A term often used by economists to describe markets characterized by a large number of sellers that supply differentiated products to a market with low barriers to entry. Essentially, it is an alternative term for a competitive price-searcher market.

Marginal Revenue

Extra profit generated from the sale of one more unit of a product or service.

Marginal Cost

The additional cost incurred to produce one additional unit of a good or service.

Average Variable Cost

The variable cost of production (costs that change with output level) divided by the quantity of output produced.