Which of the Following Did Not Occur During the Industrial

question 171

Multiple Choice

Which of the following did not occur during the Industrial Revolution?

• A)Production became more reliant on highly specialized equipment.
• B)A more efficient division of labor was promoted.
• C)Workers bore much of the costs of production.
• D)The transaction costs of contracting with individual resource owners were reduced.
• E)Technological development increased the productivity of most workers.

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Definitions:

Higher Prices

Charging more for goods or services, often due to increased demand, higher costs of production, or added value.

Substitute Products

Products for which changes in demand are negatively related; that is, a percentage increase in the quantity demanded for product A results in a percentage decrease in the quantity demanded for product B.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, often influencing pricing strategies.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period.