Which of the Following Is the Slowest and the Cheapest

question 72

Multiple Choice

Which of the following is the slowest and the cheapest mode of transportation?

• A) Railroads
• B) Planes
• C) Pipelines
• D) Water carriers
• E) Trucks

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Definitions:

Marginal Revenue

The supplementary earnings acquired from selling an extra unit of a product or service.

Competitive Market

A market structure where multiple firms are vying for consumers' business, thereby fostering innovation and fair pricing due to competition.

Total Revenue

The full amount of capital a business garners from the sale of goods or the rendering of services for a particular timeframe.

Total Cost

The complete cost of production that includes both fixed and variable costs.