The First Factories in the US Were Developed Within the __________

question 33

Multiple Choice

The first factories in the US were developed within the __________ industry.

• A) iron smelting
• B) grain milling
• C) boot and shoe
• D) cotton textile

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Definitions:

Marginal

Term used to describe the effects of a change in the current situation. For example, a producer’s marginal cost is the cost of producing an additional unit of a product, given the producer’s current facility and production rate.

Average Increasing

A situation in which the average cost of production goes up as the quantity produced increases.

Long-run Average Total Cost

The average cost per unit of output produced over a period during which all inputs, including capital, are variable.

Diseconomies of Scale

The situation in which a business experiences an increase in average costs per unit when output is increased beyond a certain point.