Which of the following characteristics is generally representative of developing countries relative to developed countries?
A. a greater availability of college education.
B. a lower infant mortality rate
C. a lower rate of illiteracy
D. a smaller percentage of the labor force in urban areas
Answer: D
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When the price of a pizza is $10, the quantity of soda demanded is 300 drinks. When the price of a pizza is $15, the quantity soda demanded is 100 drinks. The cross elasticity of demand is equal to
A) -0.25. B) -0.40. C) -2.50. D) -25.00. E) 4.00.
Assume price exceeds average variable cost over the relevant range of demand. If a monopolistically competitive firm is producing at an output where marginal revenue is $23 and marginal cost is $19, then to maximize profits the firm should
A) continue to produce the same quantity. B) decrease output. C) shut down. D) increase output.
The law of diminishing returns means that
a. total output will increase, but at a diminishing rate b. marginal product will increase, but at a diminishing rate c. total cost will increase, but at a diminishing rate d. total revenue will increase, but at an increasing rate e. total output will decrease
What is meant by strategic behavior?
What will be an ideal response?