By 1900, Which of the Following Nations Was the Least

question 3

Multiple Choice

By 1900, which of the following nations was the least advanced industrially?

• A)Britain.
• B)Germany.
• C)France.
• D)Belgium.
• E)Spain.

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Definitions:

Output

The total amount of goods or services produced by a company or economy.

Total Cost

The total expense incurred in the production of goods or services, including both fixed and variable costs.

Average Fixed Cost

The total fixed costs of production divided by the quantity of output produced.

Marginal Cost

The change in total production cost that arises when the quantity produced is incremented by one unit.