The Press Release Was Created

question 16

Multiple Choice

The press release was created

• A) during the administration of James Monroe in the 1810s.
• B) in the early twentieth century by a public relations firm working for a railroad.
• C) by Franklin Roosevelt in 1933.
• D) by P.T.Barnum as a way of publicizing his circus.
• E) by Abraham Lincoln during the Civil War.

---

Definitions:

Producer Surplus

The difference between the amount a producer is willing to accept for a good versus what they actually receive in the market.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, often measured by the area above the supply curve and below the market price.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that buyers are willing to purchase, assuming all other factors remain constant.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied, typically upward sloping.