Which of the Following Was One of the Roots of the Economic

question 66

Multiple Choice

Which of the following was one of the roots of the economic boom of the 1990s?

• A) The increased influence of organized labor
• B) The rapid development of information technology
• C) The revival of heavy industry
• D) The dramatic increase in U.S. exports

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Definitions:

Marginal Revenue

Earnings obtained from the sale of one more unit of a good or service.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, reaching a state of balance.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to price-takers behavior.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market equilibrium.