The Council of Pisa

question 13

Multiple Choice

The Council of Pisa

• A)caused the Great Schism.
• B)sought to increase the power of the Italians within the Church.
• C)attempted to resolve the Great Schism.
• D)excommunicated the followers of the Avignon pope.
• E)successfully appointed a new pope.

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Definitions:

Economic Profit

The difference between total revenue and the total costs of production, including opportunity costs not just explicit costs.

Long Run Equilibrium

A state in which all factors of production and costs are variable, and firms no longer have an incentive to enter or exit an industry, leading to a stable market condition.

Firm

A business organization that sells goods or services in order to make a profit.

Producer Surplus

The difference between what producers are willing to receive for a good or service and the actual amount they receive, due to the market price being higher.