When Studying How Some Event or Policy Affects a Market,elasticity

question 3

Multiple Choice

When studying how some event or policy affects a market,elasticity provides information on the

• A)equity effects on the market by identifying the winners and losers.
• B)magnitude of the effect on the market.
• C)speed of adjustment of the market in response to the event or policy.
• D)number of market participants who are directly affected by the event or policy.

---

Definitions:

Cotton Gin

A machine invented by Eli Whitney in 1793 that quickly and efficiently removes seeds from cotton fibers, revolutionizing the cotton industry.

Lowell "Mill Girls"

Young women who worked in the textile mills in Lowell, Massachusetts, during the early to mid-19th century, often under harsh conditions.

Market Revolution

A period of rapid economic transformation in the United States during the 19th century, characterized by a shift from manual labor and subsistence farming towards a more commercial and industrial economy.