As a Founding Principle of the American Constitutional System, Republicanism

question 78

Multiple Choice

As a founding principle of the American constitutional system, republicanism refers to:

• A) A government consisting of popularly elected officials
• B) Laws that are consistent with the beliefs of the majority of the public
• C) The separation of executive and legislative powers
• D) The supremacy of the national government over the state governments

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Definitions:

Surplus

The situation in which the quantity of goods produced exceeds the quantity demanded, often leading to a drop in prices.

Supply Increases

Refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level rises, often leading to a decrease in prices if demand remains constant.

Equilibrium Price

The cost at which the amount of a product or service being sought after matches the amount being offered, resulting in a stable market.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity demanded at a particular price.