Compare the scale of agricultural production in the advanced and devel-oping economies. In which is the percentage higher? In which is the total amount produced greater?
What will be an ideal response?
Agricultural is a small part of total production in advanced economies. It is a much larger part in developing economies. Even though advanced economies devote only a small part of their total production to agriculture, they still produce about one third of the world's total produc-tion of food. The remaining two thirds is produced in the developing na-tions.
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At a competitive equilibrium, if there are no taxes, subsidies, price regulations, quantity regulations, or externalities,
A) the marginal benefit is greater than the marginal cost. B) resource use is efficient. C) the marginal benefit is less than the marginal cost. D) both the marginal benefit and the marginal cost of the last unit produced equal zero. E) the marginal benefit is greater than the marginal cost by as much as possible.
The table above shows some of the costs for a perfectly competitive firm. The firm will produce 9 units of output if the price per unit is
A) $1750. B) $200. C) $300. D) $500.
In the long-run equilibrium in a perfectly competitive market, the firms produce at the ________ possible average total cost and the price equals the ________ possible average total cost
A) highest; highest B) lowest; lowest C) highest; lowest D) lowest; highest
How is the average product of labor calculated?
What will be an ideal response?