Which of These Helps Explain the Rapid Recovery of European

question 43

Multiple Choice

Which of these helps explain the rapid recovery of European agriculture after the Black Death?

• A) climate change
• B) technological developments
• C) extraordinary fertility rates
• D) new crops

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Definitions:

Entry And Exit

The ease with which new competitors can enter into an industry and existing ones can leave, influencing the competitive dynamics and profitability of a market.

Economic Profits

Economic profits refer to the excess returns a firm makes above its opportunity costs, factoring in both explicit and implicit costs.

Profit-Maximizing

The process of finding the level of output at which a firm makes the highest profit.

Short Run

A period in which at least one factor of production is fixed and cannot be varied by the firm.