Because of Its Railroads, Stockyards, and Grain Elevators, Which of the Following

question 50

Multiple Choice

Because of its railroads, stockyards, and grain elevators, which of the following cities dominated the economy of the Midwest by the middle of the nineteenth century?

• A) Chicago
• B) Milwaukee
• C) Minneapolis
• D) St. Louis

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Definitions:

Marginal Private Benefit

The extra advantage gained by either the consumer or producer from the consumption or production of an additional unit of a product or service.

Efficient

Refers to the optimal use of resources to achieve the desired outcome with minimal waste or effort.

MSB = MSC

A condition in economics where the marginal social benefit of production is equal to its marginal social cost, considered an optimal point of resource allocation.

Network Externality

The increase in the value of a good or service to an individual is greater when a large number of others own or use the same good or service.