Absolutism Means That

question 20

Multiple Choice

Absolutism means that

• A)the real power in any state must be religious and exercised by the church.
• B)ultimate authority rests solely in the hands of a king who rules by divine right.
• C)subordinate powers have an absolute right to overrule the king on conducting the affairs of state.
• D)no matter how humble, male citizens have an absolute right to participate in politics.
• E)rule by a secular dictator, justifying his/her authority by supposedly serving the people.

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Definitions:

Long-Run Equilibrium

A state in which all factors of production can be adjusted, market supply equals demand, and economic agents have no incentive to change their behavior, leading to a steady-state market condition.

Competitive Industry

An economic sector characterized by a large number of firms that compete with each other to sell similar products or services, leading to efficiency and innovation.

Price

The cost anticipated, necessary, or paid out in return for acquiring something.

Long-Run Price

The price level at which economic forces such as supply and demand are balanced over a longer time frame, considering all inputs are variable.