The Stage Was Set for a Cataclysmic Shift in the Course

question 39

Multiple Choice

The stage was set for a cataclysmic shift in the course of history when

• A) Europeans clamored for more and cheaper products from Asia.
• B) Africa was established as a source of slave labor.
• C) the Portuguese demonstrated the feasibility of long-range ocean navigation.
• D) the Renaissance nurtured a spirit of optimism and adventure.
• E) all of these.

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Definitions:

Early Bird

A term typically used to describe someone who completes a task or arrives somewhere early, often to take advantage of benefits or discounts.

Intertemporal Price Discrimination

A pricing strategy where consumers are charged different prices for the same product or service based on when they choose to purchase or consume it.

Marginal Revenue

The additional income earned by selling one more unit of a good or service.

Profit Maximization

The process or strategy by which a firm determines the price and output level that returns the greatest profit.