According to the Application, what percentage of the world's population currently lives in urban squatter settlements and therefore has very little housing security?

The marginal revenue product can be expressed as the

A) additional revenue received from selling one more unit of product. B) increment to revenue received from one additional unit of input hired. C) marginal physical product of an input times the average revenue received from the sale of the product. D) average physical product of the input times the marginal revenue received from the sale of the final product.

The own-price elasticity for cherries at the farm level is —0.60. Because of the recent freeze in Washington, cherry production will fall by 12 percent. Cherry prices are likely to

A) Remain the same. B) Rise by 20%. C) Fall by 20%. D) Can't tell; insufficient information.