The Industrial Revolution
A) marked the beginning of significant economic growth in the world.
B) produced goods exclusively using human or animal power.
C) had no impact on standards of living in the world.
D) started in France around the year 1750.
A
You might also like to view...
Collusion is undesirable and illegal because
A. Government intervention leads to inefficient outcomes. B. It is unprofitable and the government must bail out firms that are bankrupted by collusion. C. Resources are misallocated and the level of output is restricted. D. It leads to greater production than would occur in a competitive market.
If the demand for one good decreases when the price of another good decreases, the two goods are ________ goods.
A. normal B. inferior C. complementary D. substitute
Refer to Figure 24.3. Which of the following statements is true about the price elasticity of demand at price P3?
A. The price elasticity is zero. B. The price elasticity is inelastic. C. The price elasticity is unitary. D. The price elasticity is elastic.
If a firm's sales are $6 million, its fixed costs are $7 million, and its variable costs are $4 million, what does it do in the (a) short run and (b) long run?
What will be an ideal response?