In the Late Nineteenth Century, Technological Improvements and Cheaper Transportation

question 152

Multiple Choice

In the late nineteenth century, technological improvements and cheaper transportation in the United States led to

• A)a decrease in minimum efficient scale in many industries
• B)an increase in minimum efficient scale in many industries
• C)an overall reduction in productive efficiency
• D)a narrowing of markets
• E)price increases in many industries

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Definitions:

Time Period

A specific duration or span of time within which certain actions are taken or conditions apply.

Goods-in-bailment

A legal term referring to the process where personal property is transferred temporarily into the care of another, known as the bailee.

Negotiable Document

An official note that commits to paying a designated amount, either immediately upon request or at a predetermined date, with the payer's name indicated on the note.

Risk of Loss

The legal and financial responsibility for damages or loss to goods, typically determined by the terms of a contract or by law.