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a - peasants owned the lands they farmed.
b - local lords exercised great power.
c - the king exercised absolute power.
d - the king had no real power.
The answer is b, " local lords exercised great power." In feudalism, a lord has aristocratic rank and claims dominion over a portion of land and the produce and labour of the serfs living thereon.
The word feudal comes from a Latin term for fief. The fief was the estate or land granted by a lord in return for a vassal's loyalty and service. Some fiefs were large enough to support one knight.