Urbanization is measured by:
A) the ratio of the population living in urban areas to the ratio of the people living in rural areas in a country.
B) the fraction of the population living in towns with a population of more than 5,000.
C) the fraction of the population living in towns with a population of more than 1,000.
D) the ratio of the population living in rural areas to the ratio of the people living in urban areas in a country.
B
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Among a set of alternatives with the same total costs, an individual is said to optimize if she chooses an alternative that has the:
A) highest total benefit. B) highest risk. C) lowest opportunity costs. D) highest net costs.
Comparing firms in perfectly competitive markets to monopoly firms, which charges a price equal to marginal cost?