Which of the Following Occurred When the Factory System Began

question 121

Multiple Choice

Which of the following occurred when the factory system began?

• A) All the materials and labour required to produce items in massive quantities were brought to one place.
• B) The size and economic power of some firms meant that other businesses had difficulty competing against them.
• C) It produced captains of industry who were interested in meeting the needs of the customer.
• D) A laissez-faire management process developed.
• E) Factory workers became owners through ESOPs.

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Definitions:

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at different prices during a specified time period.

Positive Profits

Earnings that exceed the total costs, indicating a financially beneficial outcome.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in a market, leading to market stability.

Units Of Output

A quantifiable count of the products or goods produced by a company or an industry.