In 1919 the __________________ Was Ratified, Making Unlawful the "Manufacture

question 41

Essay

In 1919 the __________________ was ratified, making unlawful the "manufacture, sale, or transportation of intoxicating liquors" within the United States.

---

Definitions:

Marginal Cost

The extra expense associated with the production of an additional unit of a product or service.

Equilibrium Price

A market condition's price point where the quantity of goods producers wish to sell equals the quantity consumers wish to buy.

Production Functions

A mathematical representation of how inputs are transformed into outputs in the production process.

Variable Factors

Inputs to production that can be adjusted in the short run, such as labor and raw materials.