Which of the following is true?
i. The advanced economies account for more than half of global production.
ii. Almost four out of every five people in the world live in the developing economies.
iii. In the advanced economies, agriculture accounts for a larger part of total production than in the developing economies.
A) Only i and ii
B) Only ii and iii
C) Only i and iii
D) Only i
E) i, ii, and iii
A
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If the typical firm in a perfectly competitive market was depicted in the graph below, what would be most likely to occur?
A. New firms would be likely to enter, increasing the market price. B. New firms would be likely to enter, decreasing the market price. C. Existing firms would be likely to exit, increasing the market price. D. Existing firms would be likely to exit, decreasing the market price.
Which of the following will not shift the demand curve for televisions?
a. An increase in the price of televisions. b. An increase in consumer income. c. An increase in the price of radios (a substitute). d. An increase in the price of cable service (a complement).