What Changes Around 1300 Permitted a Significant Expansion in the Movement

question 20

Multiple Choice

What changes around 1300 permitted a significant expansion in the movement of goods?

• A)Improvements in ship design permitted year-round shipping.
• B)The end of knightly warfare permitted trade to develop along peaceful, secure trade routes.
• C)The development of fixed currency of known value gave merchants greater ability to negotiate prices.
• D)Expansion of banking houses allowed merchants to draw on credit more effectively.

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Definitions:

Returns To Scale

An economic concept describing how the output changes in response to a proportional change in all input factors.

Marginal Product

The additional output that is produced by using one more unit of a particular input, holding all other inputs constant.

Factor X

Factor X is a placeholder term used to denote an unknown or unspecified factor in an equation or scenario.

Production Function

A mathematical relationship expressing the maximum output that can be produced from a given set of inputs, showing the technological relationship between inputs and outputs.