A Belief in the Need for a Strong Ruler, Restrictive

question 58

Multiple Choice

A belief in the need for a strong ruler, restrictive regulations, and harsh punishments was the foundation of the philosophy of

• A) Confucianism.
• B) Legalism.
• C) Daoism.
• D) Tangism.
• E) Huangism.

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Definitions:

MC (Marginal Cost)

The increase in total production cost that comes from making or producing one additional unit of a product or service, a concept critical in economic theory for determining the optimal production level.

Shutdown Point

The level of production and price where a firm's total revenue just covers its variable costs, below which it would cease operations.

AVC (Average Variable Cost)

The total variable cost divided by the number of units produced, indicating the variable cost per unit.

MC (Marginal Cost)

The cost incurred by producing one more unit of a product or service.