The Industrial Revolution's Improvements in Transportation and Communications Dramatically Increased

question 63

Multiple Choice

 The Industrial Revolution's improvements in transportation and communications dramatically increased the pace of 

• A)Globalization.
• B)Socialism.
• C)Democratization. 
• D)Dictatorships. 
• E)None of the answers are correct. 

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in a balance between production and consumption.

Equilibrium Quantity

The volume of commodities or services provided that coincides with the volume requested at the price of market balance.

Normal Good

A normal good is one whose demand increases when consumers' incomes increase and falls when incomes decrease, all else being equal.

Equilibrium Quantity

The quantity of a good or service at which supply and demand are balanced in a market.