Written Records May Supply an Incomplete Picture of the Society

question 5

Multiple Choice

Written records may supply an incomplete picture of the society that produced them because

• A)records written on perishable materials may not have survived over time
• B)only certain types of activity,such as business transactions,may have been recorded in writing
• C)not everyone in a society may have been able to read or write
• D)all of the above
• E)b and c only

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Definitions:

Output

The complete sum of outputs, whether goods or services, created by an enterprise, industry, or economic entity.

Marginal Revenue

The revenue enhancement a company experiences by selling another unit of a product or service.

Total Revenue

The total amount of money received by a firm from sales of its products or services, calculated as the quantity sold times the price per unit.

MC < MR

A condition in economic theory where marginal cost is less than marginal revenue, suggesting that increasing production would be profitable.