In the Pacific Railway Act of 1862, Congress

question 23

Multiple Choice

In the Pacific Railway Act of 1862, Congress

• A)exempted transcontinental railroads from antitrust prosecution.
• B)raised the tax rate on large railroad companies.
• C)allowed railroad companies to bring in cheap immigrant labor.
• D)gave subsidies of federal lands to railroad companies.

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Definitions:

Fixed Costs

Fixed charges that are unaffected by changes in production volume, including rental fees and payrolls.

Variable Cost Curve

The variable cost curve shows the relationship between total variable cost and the level of a firm's output, demonstrating how costs fluctuate with changes in production.

Factor Prices

The prices paid for the use of factors of production such as land, labor, and capital, which influence cost of production and economic decisions.

Output Increases

A situation where the production volume of goods or services in a company, industry, or economy rises, often due to higher demand, improved efficiency, or technological advancements.