Which of the Following Problems Did the Founders Seek to Avoid

question 11

Multiple Choice

Which of the following problems did the founders seek to avoid in creating the U.S.Constitution?

• A)tyranny of the poor,but not tyranny of the rich
• B)tyranny of the rich,but not tyranny of the poor
• C)tyranny of the minority,but not tyranny of the majority
• D)tyranny of the majority and tyranny of the minority

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Definitions:

Profit-Maximizing Firm

A company that chooses its level of output and pricing strategy to achieve the highest possible profit based on its costs and the market demand.

Price Elasticity Of Demand

A measure in economics indicating how the quantity demanded of a good changes in response to a change in its price.

Marginal Cost

The increase in total cost that arises from an increase in the production of one additional unit of a good or service.

Profit-Maximizing Seller

A seller who adjusts prices and production levels to achieve the highest possible profit from their goods or services.