Which of the Following Was an Important Consequence That Followed

question 7

Multiple Choice

Which of the following was an important consequence that followed the consolidation of power by lords in England?

• A) They returned to a system of kin-based dispute settlement processes used in hunter-gatherer societies.
• B) They developed a body of law to deal with disputes.
• C) Dispute settlement practices used in small-scale societies were reinforced.
• D) They held elections among the serfs as a means to develop the political structures necessary to enact new laws.

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Definitions:

Economic Profit

Economic profit is the difference between total revenue and total costs, including both explicit and implicit costs, measuring the performance exceeding the opportunity costs of resources used.

Fixed Costs

Expenses that do not change with the level of production or business activity within a certain range or period.

Short-Run Marginal Cost Curve

A graph that shows the cost of producing one more unit of a good or service in the short term, when some factors of production are fixed.

Optimal Level

The most efficient, effective, or desirable point or degree in a process, situation, or system.