Why Were the Wealthy Better Able to Avoid the Plague

question 83

Multiple Choice

Why were the wealthy better able to avoid the plague in Europe?

• A)They could afford the finest medical care of the day.
• B)They could afford to leave the country.
• C)The poor avoided them.
• D)They could flee the densely populated cites for remote areas.
• E)all of these choices

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Definitions:

Maximizing Profit

The process or strategy of increasing the difference between total revenue and total costs to achieve the highest possible financial gain.

Competitive Price-Searcher

A market condition where firms actively seek out prices that will maximize their profits in environments with some level of competition.

Positive Profit

Refers to the financial gain that occurs when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the business.

Price-Searcher Firm

A company that operates in a market where it has some degree of control over the price of its products, due to the uniqueness of its offerings or market conditions.