Industrial Revolution__________________?
Correct answer: C. created a class of industrial workers
- A. eliminated social classes
- B. made all social classes equal
- C. created a class of industrial workers
- D. none of the above
Explanation
Industrialisation produced factories and a new wage-earning working class, commonly called the industrial proletariat. It did not eliminate or equalise existing social classes.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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