One of the Major Causes of the Depression of 1893

question 3

Multiple Choice

One of the major causes of the depression of 1893 was

• A) too much money in circulation.
• B) overexpansion by American railroads and industries.
• C) excessive wage increases.
• D) lack of automation in American industry.

---

Definitions:

Pooling Equilibrium

A situation in game theory where different types with different characteristics choose the same strategy, making it impossible to distinguish between them based on their actions.

Microeconomics

The branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

Wage Cut

A reduction in the rate of pay received by an employee.

Quality Distribution

The spread or variance in quality levels among products, services, or outputs within a company or sector.