When the Automobile Replaced Horse- Drawn Carriages as the Principal

question 54

Multiple Choice

When the automobile replaced horse- drawn carriages as the principal means of transportation, firms producing horse- drawn carriages went bankrupt and permanently laid off all their workers, thereby increasing

• A) cyclical unemployment.
• B) structural unemployment.
• C) frictional and cyclical unemployment.
• D) frictional unemployment.

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Definitions:

Speed of Service

The rate at which a business can complete a service or deliver a product, often a critical competitive advantage in fast-paced industries.

Distribution Strategy

A plan detailing how a company will deliver its products or services to customers, including channels, logistics, and geographic considerations.

The Product

Refers to any item or service that is created through a process and is offered for sale to customers.

Productivity

The efficiency with which an organization or individual converts inputs into outputs, often measuring how much work is done in a given amount of time.