Woodrow Wilson's New Freedom Program in the Election of 1912

question 3

Multiple Choice

Woodrow Wilson's New Freedom program in the election of 1912 included the

• A) banking reform.
• B) tariff reductions.
• C) fragmentation of big industrial combines through vigorous enforcement of antitrust laws.
• D) promotion of small business and entrepreneurship.
• E) All of these choices are correct.

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Definitions:

Marginal Cost Curve

A graph that shows the cost of producing one more unit of a good or service at any given level of production.

Average Total Cost (ATC)

The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicating the average expense per unit of output.

Total Cost

The aggregate cost of all resources used in the production of a good or service, including both fixed and variable costs.

Output

The total quantity of goods or services produced by a firm, industry, or economy within a certain period.