Which part of the world is often classified as the "Fourth World" and why?
What will be an ideal response?
Countries such as much of sub-Saharan Africa and some of South Asia, have stagnated and fallen so far behind the economic advances of the rest of the world that the "Fourth World" has been used to describe them.
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When consumers face rising gasoline prices, they typically
a. reduce their quantity demanded more in the long run than in the short run. b. reduce their quantity demanded more in the short run than in the long run. c. do not reduce their quantity demanded in the short run or the long run. d. increase their quantity demanded in the short run but reduce their quantity demanded in the long run.
If Best Office Supply states that it will meet any competitor's price on a 500 pack of copy paper and beat it by 10 percent, this is an example of ________.
A) a barrier to entry B) a meet-the-competition clause C) price leadership D) a preannouncement