In the Context of World History,economic Growth Is Unusual

question 14

True/False

In the context of world history,economic growth is unusual.

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Definitions:

Output Increase

The rise in the quantity of goods or services produced by a company or economy over a certain period.

Long-run Cost Structure

The pattern of costs that a firm faces over a long period when it is free to adjust all of its input levels, including investment in new plant and equipment.

Competitive Industry

An industry characterized by many firms offering similar or slightly differentiated products, leading to a high degree of competition and typically lower prices.