In the Stateless Societies of Native North and South America

question 31

Multiple Choice

In the stateless societies of native North and South America, power is understood to be

• A) Independent of human beings.
• B) A negotiated relationship between people with different resources.
• C) Derived from the consent of the governed.
• D) Physical coercion.

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Definitions:

Economic Profit

The difference between total revenue and the total opportunity costs of all resources used in production, including implicit and explicit costs.

Long-run Equilibrium Conditions

A state in an economic model where all factors of production and markets adjust, resulting in no excess supply or demand.

Price-taker

A seller or buyer that has no control to dictate prices in the market, typically because of the highly competitive and uniform nature of the product.

Competitive Price-searcher Markets

Markets where firms have some control over prices due to product differentiation, but must search for the best price to attract customers.