The Move from Water Transport to Railroads Was the Result

question 68

Multiple Choice

The move from water transport to railroads was the result of

• A)more powerful steam engines.
• B)geography that was conducive to laying down track.
• C)insufficient canals and riverways.
• D)increased population in urban centers.
• E)cheaper iron.

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Definitions:

Cross-Price Elasticity of Demand

A measurement of how the quantity demanded of one good changes in response to a change in the price of another good.

Midpoint Method

A technique used to calculate elasticity by taking the average of the starting and ending prices and quantities to determine percentage changes.

Income Elasticity of Demand

An indicator of the variability in a product's demand based on shifts in consumer income.

Price Elasticity of Supply

An indicator of the sensitivity of the amount of a product supplied to fluctuations in its price.