What Was the The Real American Revolution That Manifested Itself

question 7

Multiple Choice

What was the the real American Revolution that manifested itself over time only by degrees after 1783?

• A) The military victory by the colonies which gave them their independence from Britain.
• B) The eventual ratification of the Bill of Rights and the follow-on amendments.
• C) The establishment of a republican form of representative government without a monarch.
• D) The establishment of American sovereignty after the Peace of Paris.
• E) The revocation of the Articles of Confederation and the ratification of the Constitution.

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Definitions:

MR = MC

A condition where a firm's marginal revenue (MR) equals its marginal cost (MC), commonly used to determine the profit-maximizing level of output.

ATC

Stands for Average Total Cost, which is the cost per unit of output, calculated by dividing the total cost by the quantity produced.

Average Total Cost

The sum of all production costs divided by the quantity of output produced, synonymous with the cost per unit including all variable and fixed costs.

Long-run Equilibrium

A state in which all factors of production and costs are variable, and firms in the industry make just enough profit to stay in business.