What Is a Republic

question 26

Multiple Choice

What is a republic?

• A)A form of government where representatives are elected to represent groups of people in a central government
• B)A form of government where there is one ruler who holds absolute power over any government structure
• C)A form of government where the power to rule resides within a small group of wealthy individuals
• D)A form of government where the people form collectives to govern themselves
• E)A form of government where the ruling party is from a religious sect and enforces religiously based laws

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Definitions:

AVC

Average Variable Cost is the total variable cost per unit of output.

ATC

Average Total Cost; the per-unit cost of production, calculated by dividing the total cost by the quantity of output produced.

Marginal Output

The additional output that results from increasing the production input by one unit.

Total Output

The total value of all goods and services produced in an economy during a specific period.