The Postindustrial Revolution Refers to the Shift from Service Industries

question 14

True/False

The postindustrial revolution refers to the shift from service industries to manufacturing, and the consequences of that shift for virtually all human activities.

---

Definitions:

Average Revenue

The revenue generated per unit of output sold, calculated by dividing total revenue by the number of units sold.

Marginal Revenue

The additional income earned from selling one more unit of a product or service.

Marginal Revenue

The additional income gained from selling one more unit of a good or service.

Average Revenue

The total revenue received by a firm from selling its products divided by the total quantity of the product sold, essentially the average price per unit sold.