In Medieval Europe, an Important Technological Advance Was the Use

question 4

Multiple Choice

In medieval Europe, an important technological advance was the use of the padded horse collar for plowing. Once this idea was thought of, other people used it. What does this example illustrate about knowledge?

• A) It is generally a public good.
• B) It is generally a societal good.
• C) It is generally a private good.
• D) It is generally a normal good.

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Definitions:

Fixed Inputs

Resources used in the production process whose quantity cannot easily be changed in the short run, such as buildings and machinery.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, ceteris paribus (with all other inputs held constant).

Bushels

A unit of volume that is used to measure agricultural commodities like grains and fruits.

Total Product Curve

A graphical representation of the production function, showing how the quantity of output depends on the quantity of the variable input for a given quantity of the fixed input.