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Use the table below to answer the following questions.
Table 10.4.1
Swanky's output levels
-Refer to Table 10.4.1,which represents Swanky's production possibilities as the firm varies the quantities of knitting machines and workers per day.If Swanky increases the number of knitting machines from 2 to 3 and increases the number of workers employed from 2 to 3,the factory experiences
Factory System
A method of manufacturing using machinery and division of labor, known for its role in the Industrial Revolution by significantly increasing production capabilities and changing societal structures.
Standard Oil
An American oil producing, transporting, refining, and marketing company. Established in 1870 by John D. Rockefeller and partners, it became the largest oil refiner in the world and was later broken up due to antitrust laws.
U.S. Steel
An integrated steel producer with major production operations in the United States and Central Europe.
Billion Dollars
A unit of currency measurement equal to 1,000 million dollars, often used to denote significant economic, corporate, or governmental financial transactions.
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