Which Was the First State to Ratify the Constitution

question 31

Multiple Choice

Which was the first state to ratify the Constitution?

• A) Rhode Island
• B) Delaware
• C) Virginia
• D) New York
• E) Massachusetts

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Definitions:

Profit-Maximizing

Refers to the process or strategy by which a firm selects outputs at which its profits are maximized, achieved by equating marginal revenues to marginal costs.

Marginal Cost

The cost of producing one more unit of a good or service.

Socially Efficient

A condition where resources are allocated in a way that maximizes the overall benefit to society, taking into account all costs and benefits.

Marginal Cost

The additional cost incurred by producing one more unit of a good or service.