Which of the Following Countries Did NOThave Enlightened Despotism in the Eighteenth

question 29

Multiple Choice

Which of the following countries did NOThave enlightened despotism in the eighteenth century?

• A) England
• B) Austria
• C) Spain
• D) Prussia
• E) Russia

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Definitions:

Zero Economic Profit

A situation where total revenues are exactly equal to total costs, indicating no supernormal profit beyond the normal rate of return.

Marginal Cost

The increase in total production cost that comes from making or producing one additional unit of a good.

Excess Capacity

A scenario where a firm's actual production is less than its maximum potential output, often leading to inefficiencies and higher costs.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, allowing for competition based on factors other than just price, such as brand and quality.