Answer the Following Questions

question 43

Multiple Choice

Answer the following questions:
-vernacular literature

• A)System in which the arable land of a manor was divided into two or three fields without hedges or fences to mark individual holdings.
• B)A band of merchants in a town that prohibited nonmembers from trading in that town.
• C)A band of producers in a town that regulated most aspects of production of a good in that town.
• D)A mercantile association of towns begun in northern Europe that allowed for mutual protection and trading rights.
• E)The transformation of the European economy as a result of changes in business procedures and growth in trade.
• F)Laws that regulated the value and style of clothing and jewelry that various social groups could wear as well as the amount they could spend on celebrations.
• G)University professors in the Middle Ages who developed a method of thinking, reasoning, and writing in which questions were raised and authorities cited on both sides of a question.
• H)Writings in the author's local dialect, that is, in the everyday language of the region.
• I)The church of a bishop and the administrative headquarters of a diocese.
• J)An architectural style with rounded arches and small windows.

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Definitions:

Market Economy

An economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of citizens and businesses.

Equilibrium Quantity

At the market equilibrium price, the amount of goods or services that are supplied matches the amount that is demanded.

Equilibrium Price

A pricing point in the market where the supply of goods meets the demand for those goods.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand in a market.