Liberalism and Conservatism Are Both Rooted in Principles Found in the Political

question 20

Multiple Choice

Liberalism and conservatism are both rooted in principles found in the political philosophy of

• A) John Locke.
• B) Adam Smith.
• C) Friedrich Hayek.
• D) Baron de Montesquieu.
• E) G.W.F. Hegel.

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Definitions:

Marginal Cost

The expenditure required to create another single unit of a good or service.

Output

The overall quantity of products or services generated by a business, sector, or the economic system.

Profit-Maximizing

A strategy or goal aimed at achieving the highest possible profit through adjusting production levels, prices, or other factors.

Marginal Revenue

Refers to the additional income generated from selling one more unit of a good or service.