Mining in the West

question 64

Multiple Choice

Mining in the West

• A) saw individual prospectors move in first, followed by corporations.
• B) saw corporations move in first, followed by individual prospectors.
• C) kept ranchers and farmers from establishing their own economic base.
• D) flourished until the 1930s.
• E) did not see any great mineral strikes until after the Civil War.

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Definitions:

Consumer Surplus

Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay, measuring consumer satisfaction.

Consumer Surplus

The discrepancy between what consumers are ready and capable of paying for a product or service and what they end up actually spending.

Alfred Marshall

A British economist, known for his significant contributions to classical economics, especially his work on the principles of economics, including the theories of supply and demand.

Marginal Utility

The additional satisfaction or utility gained by consuming one more unit of a good or service, which typically decreases with each additional unit consumed.