Historians Refer to an "Industrial Revolution

question 49

Multiple Choice

Historians refer to an "Industrial Revolution." How would people living through it have described it?

• A)It was a process of slow,incremental changes.
• B)Society changed too fast for most people to keep up.
• C)It was the most important set of events in Europe at the time.
• D)There were no real changes to everyday life that most people noticed.
• E)It made conditions of life worse for most people.

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Definitions:

Economies Of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Decreasing Returns To Scale

See Diseconomies of scale.

Economies Of Scope

Exist when the cost of producing two products jointly is less than the cost of producing those two products separately.

Economies Of Scope

Describes cost advantages that businesses experience when they increase the variety of goods or services they offer, utilizing shared operations or resources.