In the Nineteenth Century, Business People Used Vertical and Horizontal

question 27

Multiple Choice

In the nineteenth century, business people used vertical and horizontal integration to:

• A) reduce the costs of production.
• B) limit the power and profits of businesses.
• C) cope with the ups and downs of business cycles.
• D) reduce the costs of production and limit the power and profits of businesses.

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Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity of it that consumers are willing to purchase at various prices.

Total Revenue

The total income received by a company from its sales of goods or services before any expenses are subtracted.

Output Range

The spectrum of quantities of goods or services that a company can produce under certain conditions or within a specified period.

Elastic Demand

Refers to a market scenario where the quantity demanded of a product changes significantly when its price changes.