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Explain how Athenian democracy,the Enlightenment,and Locke's notion of the social contract served as origins of American democracy.What did the founders learn about participatory democracy from democracy in Athens,500-300 bce? How did the Protestant Reformation and the Enlightenment change how people viewed government legitimacy in a way that discredited of the divine right of kings? Finally,with whom does the social contract place the source of government legitimacy? Together,how did these eras as a whole ultimately affect the type of government chosen by the founders?
Average Total Cost
The total cost divided by the number of units produced, representing the average cost of production per unit.
Purely Competitive Industry
An industry characterized by many firms offering identical products where no single firm can influence the market price.
Normal Profit
The minimum level of profit needed for a company to remain competitive in the market, typically considered as the cost of doing business, including opportunity costs.
Quantity Demanded
The amount of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.
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