Powers and Privileges Guaranteed to the Individual and Protected Against

question 33

Multiple Choice

Powers and privileges guaranteed to the individual and protected against arbitrary removal at the hands of the government or other individuals are best defined as

• A)civil rights.
• B)human rights.
• C)civil liberties.
• D)negative liberties.
• E)inalienable rights.

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Definitions:

Opportunity Cost

The outcome of selecting an alternative is the exclusion of potential benefits that could have been achieved with other selections.

Equilibrium Output

The level of output at which the quantity supplied equals the quantity demanded, leading to a stable market condition without surplus or shortage.

Purely Competitive Market

A theoretical market structure characterized by an infinate number of buyers and sellers, homogeneous products, and no barriers to entry or exit.

Consumer Surplus

The distinction between what consumers are willing and able to allocate financially for a good or service, and what they actually allocate.