Some of the Foundations of Modern Thinking Can Be Traced

question 1

Multiple Choice

Some of the foundations of modern thinking can be traced to the developments of the eighteenth century. This was the century of ________ wherein many of the doctrines of the agrarian age were challenged, especially those relating to the forms of domination prevalent at the time.

• A) Imperialism
• B) Skepticism
• C) Revolution
• D) Evolution
• E) Enlightenment

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Definitions:

Efficiently Allocated

A situation where resources are distributed in a manner that maximizes the overall benefit to society or an economy, with no way to improve anyone's condition without worsening someone else's.

Marginal Cost

The amount spent on producing one more unit of a good or service.

Average Total Cost

The per unit cost of production, calculated by dividing the total cost by the quantity of output produced.

Economic Profits

Economic profits consist of the total revenue generated by a business minus both its explicit and implicit costs, reflecting the actual profitability including opportunity costs.