Which Events Occurred During the 1973-1974 Oil Crisis in the United

question 239

Multiple Choice

Which events occurred during the 1973-1974 oil crisis in the United States?
I. Gas stations were ordered to be closed between 9 PM on Saturday and 12:01 AM on Monday.
II. The government decided to allocate oil by command.
III. The 55 mph speed limit was repealed.
IV. Daylight savings time was implemented.

• A) I and IV only
• B) I, II, and III only
• C) I, II, and IV only
• D) I, III, and IV only

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Definitions:

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Marginal Cost

The expenditure required to produce an additional unit of a product.

Short-run Cost Function

An economic formula that describes how production costs change in the short term with varying levels of output, assuming some inputs are fixed.

Average Cost

The cost per unit of output, calculated by dividing total costs by the total quantity of output produced.