Which of the Following Was Not One of the Methods

question 2

Multiple Choice

Which of the following was not one of the methods that Joseph G. McCoy employed to turn the cattle industry into a bonanza?

• A) He built a new stockyard in Abilene.
• B) He guaranteed the transport of his steers in railcars.
• C) He earned kickbacks from the railroads.
• D) He surveyed and shortened the Chisholm Trail.
• E) He built giant stockyards in Chicago, where cattle dealers could raise steers cheaply and save large sums in transportation.

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Definitions:

Inelastic Demand

A market condition where the demand for a good or service is relatively unresponsive to changes in its price.

Substitute Resources

Alternative resources that can be used in place of another to satisfy consumer demand or production needs, often affecting market competition and prices.

Elastic Demand

A market situation where the quantity demanded of a good or service changes significantly as its price changes.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust production levels.