What Single Development Enabled a Growing Middle Class to Purchase

question 80

Multiple Choice

What single development enabled a growing middle class to purchase more goods in the Industrial Revolution of the 18th Century?

• A) lower prices caused by the precursor of Walmart
• B) higher incomes caused by improved education and jobs
• C) lower taxation caused by efficient governments
• D) higher incomes created by the discovery of gold
• E) lower prices caused by mechanization an mass production

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Definitions:

Marginal Product

The additional output that is produced by adding one more unit of a particular input, keeping other inputs constant.

Short-Run Curve

Refers to a period in economics during which at least one factor of production is fixed, affecting production and cost decisions.

Marginal Product

The change in output resulting from employing one more unit of a particular input while holding all other inputs constant.

Total Product

The total quantity of output produced by a firm for a given quantity of inputs.