During the 1870s and 1880s, Which Technological Innovation Was Introduced

question 35

Multiple Choice

During the 1870s and 1880s, which technological innovation was introduced?

• A) the roller mill to process oatmeal
• B) steel-bottomed stills
• C) long-distance pipelines
• D) the typewriter
• E) All of the above are correct.

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Definitions:

Price Floor

A government-imposed limit on how low a price can be charged for a product, service, or commodity.

Competitive Price

A pricing strategy where the price of a product or service is set based on the prices of competing products or services in the market.

Consumer Surplus

The discrepancy between what buyers are inclined to pay for a service or product and their actual expenditure.

Producer Gains

The profits or positive financial outcomes that producers experience from selling goods or services, often due to pricing or market conditions.