Which of the Statements Below Was NOT Associated with the Transformation

question 21

Multiple Choice

Which of the statements below was NOT associated with the transformation of work at the time of the industrial revolution?

• A)There was the emergence of an industrial class that included women and children
• B)Wealth produced by the economy grew and profit transformed economic relations
• C)Wage earners started to form organisations to protect themselves that were like early trade unions
• D)There was a model of subsistence farming and cottage industries whereby individuals were tied to place and employment

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Definitions:

Profit-maximizing Quantity

The level of output at which a business realizes the greatest profit, where marginal cost equals marginal revenue.

Economic Loss

Occurs when the total cost of producing a good or service exceeds the revenue generated from its sale, leading to negative profitability.

Fixed Costs

Fixed costs are business expenses that remain constant regardless of the level of production or sales, such as rent, salaries, and insurance premiums.

Quantity

The amount or number of a material or immaterial good considered as a discrete unit or in total.