In the Last Decades of the Nineteenth Century, the Volume

question 64

Multiple Choice

In the last decades of the nineteenth century, the volume of agricultural goods ____, and the price received for these goods ____.

• A) increased; decreased
• B) decreased; increased
• C) increased; also increased
• D) decreased; also decreased
• E) increased; stayed the same.

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Definitions:

Mixed Cost

A cost consisting of both fixed and variable components and which is thus partially affected by changes in the level of activity.

Charitable Contribution

Monetary or in-kind donations given to charitable organizations, often eligible for tax deductions.

Sunk Cost

Expenses that were previously incurred and cannot be reclaimed.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision, essentially what is sacrificed when a particular choice is made.